The Asian Development Bank (ADB) and French Development Agency (AFD) are doubling their joint funding target to $6 billion over the next three years, the two institutions announced. ADB President Masato Kanda and AFD Chief Executive Rémy Rioux signed the deal in Paris, raising their cofinancing goal from the previous $3 billion target for 2023-2025. The money will go toward clean energy, transport, and nature projects across Asia and the Pacific.
The partnership has already beaten expectations. Since signing their original agreement in October 2022, ADB and AFD have put together $4.64 billion in joint funding—well above their initial $3 billion target. ADB contributed $3.2 billion while AFD added $1.44 billion to various projects in the region.
Kanda said AFD has proven to be a reliable partner and that their stronger collaboration shows how shared goals can create real results for people and the planet. The expanded funding will speed up financing for projects that help Asia move toward low-carbon growth and build climate resilience. He called doubling their cofinancing ambition a decisive step in supporting the region’s transition.
Rioux said the partnership shows how development banks can work together to tackle big problems. The two organizations plan to work more closely on preparing projects together to cut costs and speed up implementation. He described the $6 billion commitment as both a sign of trust between the institutions and their shared ambition to address the region’s most pressing challenges.
The banks will meet again in September 2025 at ADB headquarters in Manila to review their progress and set new priorities for the region.
