Asian Development Bank-Economic Development Cooperation ...€¦ · 9 Institutional Coordination 10 Country Coordination 13 Project Processing Coordination 15 Preparation ... QUICK

COFINANCING GUIDE

ADB-EDCFASIAN DEVELOPMENT BANK –

ECONOMIC DEVELOPMENT COOPERATION FUND

CONTENTS

1 Introduction

3 ADB–EDCF Cofinancing Results

5 Way Forward

6 Overview of ADB

7 Overview of EDCF

8 Eligible Instruments, Countries, and Sectors

9 Institutional Coordination

10 Country Coordination

13 Project Processing Coordination15 Preparation20 Approval and Effectiveness

21 Implementation Coordination

23 Project Completion Coordination

24 Evaluation Coordination

25 Cofinancing Cases

27 Headquarters and Country Offices

ADB-EDCF Cofinancing at a Glance

PAM = Project Administration Manual, RRP = Report and Recommendation of the President a. The Project can be processed in a combination of project preparatory technical assistance (PPTA) and project design advance (PDA).b. These are the appropriate stages to initiate and/or discuss cofinancing.c. Due diligence and appraisal work are normally done during the fact-finding mission.d. Policy dialogue between EDCF and the government of a developing country to ensure consistency of the identified projects with the country's development plan and strategy.e. Cofinancing discussions for additional financing may also be considered during review missions. f. For cofinancing to form part of the project’s financing plan, the financing partner(EDCF)'s confirmation should be received by ADB (i) any time during the processing stage but before a report is submitted to Management or the Board; and (ii) before loan negotiations. (For details, see ‘Project Process Coordination - Preparation’ of this Guide).g. Implementing agency is Export-Import Bank of Korea.

PREPARATION ( 12 months target)*

Country Strategy and

Business Pipeline

PROJECT CONCEPT PAPER a

Department Meeting

Reconnaissance Missionb

Concept Clearance

Fact-finding Mission b,c

RRP and PAM

Staf Review Meeting or

Management Review Meetingf

Loan Negotiationsf

Policy Dialogueb,d Preparationb Appraisal

Project Investigation and Identification

Loan Request from Borrower

Appraisal Mission and Report

Feasibility Study Report and

Implementation Plan

ApprovalLoan

Agreement Signing

APPROVAL AND EFFECTIVENESS(6 months target)

Governement Decision on EDCF Loan

Notification to Borrower and Acceptance

Agreement and Arrangement/Framework Arrangement

3-6 months

4 months

Loan Effectiveness

IMPLEMENTATION a COMPLETION AND EVALUATION

Project Completion

ReportEvaluation

Report

Review Missione

Project Completion Evaluation

Project Completion Report

Ex-post Evaluation Report

POLICY DIALOGUE AND PREPARATION APPROVAL AND EFFECTIVENESS IMPLEMENTATION

ADB

EDCFg

EVALUATION

�Introduction �1II tntrodud ction 1

In recent years, the Asian Development Bank (ADB) and the Government of the Republic of Korea have consolidated their partnership in the Asia and Pacific region.

Cofinancing significantly increased with the signing of a memorandum of understanding (MOU) in 2008 by the Economic Development Cooperation Fund (EDCF) of the Republic of Korea and ADB. More cofinancing is expected after the signing of the updated MOU in 2015 earmarking $600 million over a period of 3 years. Cofinancing with ADB is implemented by Export-Import Bank of Korea (KEXIM).

The two institutions strive to promote an early engagement during project processing and to deepen their collaboration during project implementation, including monitoring and evaluation.

This ADB–EDCF Cofinancing Guide will facilitate both ADB and EDCF in processing and administering cofinanced projects. Through the respective processes, procedures, and requirements presented here, this guide will make coordination and communication easier and more efficient, and the work more synchronized. This guide also serves as a practical reference on cofinancing statistics between ADB and EDCF, cofinancing definitions, and other useful information to guide staff on cofinancing ADB projects.

INTRODUCTION

�Introduction �1

2 �ADB–EDCF Cofinancing Guide

QUICK FACTS

of Strategy and Finance (MOSF) to be implemented by Export-Import Bank of Korea (KEXIM) in 1987.

assistance (preliminary data), which represented 0.14% of gross national income and an 8.3% increase in real terms from 2014. (http://www.oecd.org/dac/korea.htm)

relationship in 1993.

Partnership Fund was established in 2006 with cumulative commitment of $57.7 million.

ADB’s Future Carbon Fund with $20 million total contribution.

Enhancements to Cofinancing Arrangements in 2015 for $600 million from May 2015 to May 2018.

Resources include $553.6 million in the Asian Development Fund, $35.3 million in the Technical Assistance Fund and $2.2 million in the Asian Development Bank Institute.

ADB–EDCF COFINANCING RESULTS

TABLE 1: TOTAL ADB–EDCF COFINANCING, 2009–2016 Q3

($ MILLION)

FIGURE 1: TOTAL NUMBER AND AMOUNT OF COFINANCING PROJECTSa

ADB

EDCF

2015 ADB and EDCF Overview

Year Established

Financing in 2015*(loans)

Countries of Operations

Field Offices

1966 44 32$16.6 billion

1987 52 8$1.2 billion

* On a commitment basis excluding cofinancing.

ADB EDCF

2009

2010

2011

2012

2013

2014

2015

2016 (Q1–Q3)

TOTAL

88.3

55.0

972.8

–

410.0

100.0

–

555.0

2,181.1

58.3

128.9

523.5

–

260.0

67.0

39.0

214.0

1,290.7

ADB = Asian Development Bank, EDCF = Economic Development Cooperation FundSource: ADB Cofinancing Database, Official Cofinancing by Partners (2009–2016 Q3).

012345678910

0

200

400

600

800

1,000

1,200

1,400

1,600

2009 2010 2011 2012 2013 2014 2015 2016

ADB ($ million)EDCF ($ million)id

Note: 2016 ADB and EDCF data as of 30 September 2016.For more information about ADB–EDCF cofinancing or cofinancing in general, visit

www.adb.org/documents/series/donor-reports

www.adb.org/publications/cofinancing-republic-koreaa Based on ADB approval datesSource: ADB Cofinancing Database.

�ADB–EDCF Cofinancing Results�3


GEOGRAPHIC DISTRIBUTION OF ADB–EDCF COFINANCED PROJECTS, 2009–2016 Q3

SECTOR DISTRIBUTION OF ADB–EDCF COFINANCED PROJECTS, 2009–2016 Q3

FIGURE 2: APPROVED PROJECTS WITH OFFICIAL COFINANCING BY COUNTRY

FIGURE 3: APPROVED PROJECTS WITH OFFICIAL COFINANCING BY SECTOR

SRI LANKA2%

VIET NAM68%

LAO PEOPLE’S DEMOCRATIC REPUBLIC

3%

CAMBODIA7%

BANGLADESH20%

TRANSPORT

21%TRANSPORT AND ICT

29%

ENERGY

42%EDUCATION

5%

WATER AND OTHEMUNICIPAL INFRASTRUC

AND SERVICES

3%

Source: ADB Cofinancing Database

ICT = information and communication technology.Source: ADB Cofinancing Database

�Way Forward �5

ADB and the Government of the Republic of Korea signed an agreement to expand the government’s support for cofinancing ADB projects.

ADB is committed to reducing poverty and fostering economic development and social progress in its developing member countries (DMCs). The government wishes to increase the effectiveness of its contribution to the development of the Asia and Pacific Region through enhanced collaboration with ADB.

WAY FORWARD The partnership aims to identify and develop areas for economic cooperation through cofinancing projects and programs.

ADB and the Government of the Republic of Korea will meet at least once a year to identify potential cofinancing opportunities, review existing projects and programs, and discuss areas for future collaboration.

Scaling upIncrease funding for large-scale projects or bridge the financing gap necessary to achieve project outcome

Additionality Complement own resources and/or allow partners to expand their operations beyond constraints on personnel and country allocations; More resources available to meet the needs of developing member countries

Complementarity Pursue a common agenda to maximize development impact and promote Finance++

Sustainability Support sustainable long-term growth by ensuring the social and environmental soundness of programs and projects

WHY COFINANCE?


OVERVIEW OF ADB

ADB’s vision is an Asia and Pacific region free of poverty.1 Its mission is to help its developing member countries (DMCs) reduce poverty and improve the quality of life of their people. Despite the region’s many successes, it remains home to a large share of the world’s poor. ADB is committed to reducing poverty through inclusive economic growth, environmentally sustainable growth, and regional integration.

Based in Manila, ADB is owned by 67 members, including 48 from the region. Its main instruments for helping its developing member countries are policy dialogue, loans, equity investments, guarantees, grants, and technical assistance.

Under ADB’s Strategy 2020, 80% of ADB lending by 2012 will be in the following five core areas:

Infrastructure, including transport and communications, energy, water supply and sanitation, and urban developmentEnvironment Regional cooperation and integration Finance sector developmentEducation

1 ADB. Investor Presentation. http://www.adb.org/sites/default/files/page/41282/investor-presentation-dec2015.pdf. ADB. Sovereign Financing Core Sectors. http://www.adb.org/site/public-sector-financing/core-sectors. ADB. Public Sector Sovereign Financing. Lending Policies. http://www.adb.org/site/public-sector-financing/lending-policies. ADB. Public Sector Sovereign Financing. Financial Products. http://www.adb.org/site/public-sector-financing/financial-products.

These are tightly linked to ADB’s three strategic development agendas of achieving inclusive economic growth, environmentally sustainable growth, and regional integration.

ADB uses a classification system to determine the eligibility of DMCs to borrow from ordinary capital resources (OCR) of the Asian Development Fund (ADF), which provides grants and loans on concessional terms. The three classification of DMCs are: (i) Group A (ADF only), (ii) Group B (Blend of ADF and OCR), and (iii) Group C (OCR only). The two main criteria adopted to classify DMCs are (i) gross national income (GNI) per capita and (ii) creditworthiness. Under the graduation policy, regarding GNI per capita, ADB uses the World Bank’s GNI per capita estimates based on the Atlas method. Creditworthiness of DMCs is assessed by a creditworthiness assessment committee in accordance with the graduation policy.

ADB offers the public sector different types of financial products which include the following list below from OCR as well as special and trust funds, of which ADF is the largest.

LIBOR-based Loans (LBL), Local Currency Loan (LCL), Technical Assistance, Debt Management, Multitranche Financing Facility (MFF), and Lending Rates

�Overview of EDCF�7

OVERVIEW OF EDCF

EDCF provides Development Project Loan, which provides funds for infrastructure projects such as roads, railways, vocational, training centers, and water supply facilities. EDCF also provides Public–Private Partnership Loan, Program Loan, Sector Development Loans, Equipment Loan, Loan to International Development Finance Institutions, Private Sector Loan, and Private Sector Two-Step Loan.

EDCF was established on 1 June 1987 and aims to help developing countries achieve industrial growth and economic stability, share the Republic of Korea’s development experience knowledge, strengthen bilateral economic cooperation, and encourage sound development in partner countries.

If the government of a developing country requires assistance in preparing for a project, which will be financed with EDCF loans, it may also request the Export-Import Bank of Korea (KEXIM) or the Government of the Republic of Korea to help carry out preparations. In such cases, the partner country may request support by harnessing the Project Preparation Facility on a grant basis.2

EDCF currently classifies partner countries into five categories, according to economic development phases and per capita income levels.

2 The EDCF supports borrowing countries through the Project Preparation Facility available to borrowers for the following activities in the project identification and preparation stages: pre-feasibility studies; project cost estimation; establishment of project scope; feasibility study on economic, financial and technical aspects; analysis of the economic and social impact of the project; and environmental studies. See Guide to EDCF 2015 https://www.edcfkorea.go.kr/site/homepage/menu/viewMenu?menuid=005003001

EDCF Country Group (based on World Bank GNI per capita for 2014)

GROUP I Least Developed Countries (LDCs) identified by the UNGROUP II Countries of GNI per capita less than or equal to $1,045 (excluding LDCs identified

by the UN)GROUP III Countries of GNI per capita $1,046–$1,985 (excluding LDCs identified by the UN)GROUP IV Countries of GNI per capita $1,986–$4,125 (excluding LDCs identified by the UN)GROUP V Countries of GNI per capita $4,126–$12,735 (excluding LDCs identified by the UN)

LOAN AMOUNT: Up to 85% of the total project cost for untied loans provided to countries other than LDCs (excluding general management expenses, taxes and utility costs, land acquisition costs, compensation costs, and other indirect costs)INTEREST RATE: 0.01% to 2.5% per annum (interests will not be charged for consulting services provided by Korean firms)REPAYMENT PERIOD: Up to 40 years, including a grace period of up to 15 yearsREPAYMENT FREQUENCY: Semi-annual

Interest rates and repayment period (including the grace period) can be adjusted but must not exceed the concessionality levels of standard EDCF terms and conditions.


ELIGIBLE INSTRUMENTS, COUNTRIES, AND SECTORS

Priority Sectors

Treatment

Technology-based Public Governance

Priority Countries in Asia and Pacific

BangladeshCambodiaIndonesiaLao People’s Democratic RepublicMongoliaMyanmar

NepalPakistanPhilippines Sri LankaUzbekistan

Other Eligible Countries in Asia and Pacific

AfghanistanGeorgiaIndiaKazakhstanKyrgyz Republic

GuineaTajikistanTimor-LesteTurkmenistan

EDCF provides untied cofinancing on a project-by-project basis in the form of loans and technical assistance.

The funding from the Government of the Republic of Korea can be used to fund government projects and programs in eligible countries and common priority sectors as listed below. The borrower may be a sovereign or subsovereign institution with sovereign guarantee.

ADB and EDCF will jointly decide the modality and administration of cofinancing for each project. The available cofinancing modalities are

(i) Contractual cofinancing. In which ADB administers funds provided by EDCF to finance a project. In such case, cofinancing may either be joint, in which ADB and EDCF finance the same components of a project on a pro rata basis, or parallel, in which ADB and EDCF finance separate components. ADB’s administration shall include procurement and disbursement supervision based on standard ADB information sharing policies and procedures

(ii) Collaborative cofinancing. In which ADB and EDCF shall separately administer their funds provided for the financing of a project but coordinate project processing and implementation. In such case, only parallel cofinancing is possible.

The financing terms for each project will be decided by ADB and EDCF separately in accordance with its respective decision-making procedures. Cofinancing may be undertaken in the common sectors and countries listed below.

The authority of EDCF operations and principal policy-making responsibilities rest with the MOSF. Entrusted by the MOSF, KEXIM conducts all EDCF operations such as project appraisals, loan agreement executions, loan disbursements and project evaluations, etc.

The Office of Cofinancing Operations (OCO) has primary responsibility for initiating, strengthening, and managing official financing partnerships focusing on official and other concessional cofinancing.

Guided by the MOU on Enhancements to Cofinancing Arrangements 2015–2018, ADB and EDCF hold consultation meetings at least once a year preferably concurrently with ADB’s annual

INSTITUTIONAL COORDINATION

consultations with the Government of the Republic of Korea. These meetings are expected to hold discussions on sector and/or thematic priorities, and project and/or program pipelines for cofinancing opportunities.

For a better understanding of ADB’s policies and regulations, EDCF is encouraged to participate in the learning program such as workshops on ADB’s safeguards. ADB may share the information on the learning program developed for ADB’s regular staff. Such programs may include design and monitoring framework, social and safeguard policy, environmental impact assessment, project assessment, project cycle management, and any other related areas.

�Institutional Coordination �9


COUNTRY COORDINATION

activities.3 Project preparation and processing are handled at ADB headquarters in Manila. EDCF needs to coordinate with sector divisions of the regional departments. The resident missions are the first points of contact with partners in the field as they have extensive knowledge and information on partners’ development agenda and priorities specific to that country, as well as contacts in the partners’ field offices. This enables resident missions to pre-identify partners with cofinancing potential and advise project officers with cofinancing needs.

EDCF focuses on establishing systemic project identification mechanism through Country Program Mission and Policy Dialogues to offer customized aid packages that reflect both the development needs of partner countries and the Republic of Korea’s strengths.

EDCF has 10 field offices in Asia hosted by KEXIM: Bangladesh, Cambodia, India, Indonesia, Myanmar, PRC, Philippines, Sri Lanka, Viet Nam, and Uzbekistan.

3 In ADB, a project is normally processed if it has been included in the rolling country operations business plan. See ADB. 2014. Financing Partnerships. Operations Manual. OM E1/28. Manila.

ADB’s regional departments are responsible for identifying areas of cofinancing opportunities during the country partnership strategy exercise. During this stage, regional departments initiate contacts with field representatives of development institutions, exchange information on operational programs, and identify areas for possible collaboration. The scope, possible sources, and the mode of cofinancing for projects in the pipeline are also discussed with the DMC government and other potential clients. A policy and advisory technical assistance is usually extended in a sector- or economy-wide context. The policy and advisory technical assistance assists in (i) preparing national and sector development plans and programs, particularly in small DMCs; and (ii) carrying out sector-, policy-, and issues-oriented studies.

ADB’s regional departments, mostly through its resident missions, lead in the preparation of the country program mission and policy dialogues and country operations business plans, and initiate partners’ participation in development

�Country Coordination �11

ADB EDCF

ADB’s Strategy 2020 and ADB’s Midterm Review of Strategy 2020 determine its overall strategic approach driving CPSs.4ADB prepares an individual CPS for most developing member countries serving as a medium-term, country-specific operational framework, and a COBP5as a 3-year rolling project pipeline. Regional Cooperation Strategy covers an ADB–defined region or subregion.ADB’s CPSs and project documents are made publicly available on www.adb.org in line with ADB’s Public Communications Policy.

4 ADB. 2015. Publications. Country Partnership Strategies. http//www.adb.org/documents/series/country-partnership-strategies 5 ADB. 2015. Publications. Country Operations Business Plans. http//www.adb.org/documents/series/country-operations-business-

plans 6 ODA Korea Policy and Strategy. Legal Framework.http://www.odakorea.go.kr/eng.policy.Legal.do and ODA Korea Policy and

Strategy. Strategic Plan. http://www.odakorea.go.kr/eng.policy.StrategicPlan.do7 OECD. DAC List of ODA Recipients. http://www.oecd.org/dac/stats/documentupload/DAC%20List%20of%20ODA%20

Recipients%202014%20final.pdf

In accordance with the Framework Act and the Strategic Plan,6 the Government of the Republic of Korea is formulating integrative CPSs for each priority partner country to generate synergies and to improve aid effectiveness through strategic concentration. In 2015, 24 priority partner countries were selected out of 146 countries from the Development Assistance Committee list of Official Development Assistance (ODA)7 recipients, based on their income, political situation, diplomatic relationship with the Republic of Korea, and economic potential. Priority partner countries are composed of 11 Asian countries, 7 African countries, 4 Central and South American countries, and 2 Commonwealth of Independent States countries.The Republic of Korea’s CPS of its 24 priority partner countries includes focus sectors of assistance for each country.

Options for exploring cofinancing opportunities between ADB and EDCF1. ADB may seek cofinancing opportunities with EDCF during project concept paper,

reconnaissance mission, and/or a fact-finding mission stage.2. EDCF may propose cofinancing with ADB during policy dialogue and/or preparation

stage.3. ADB and EDCF may discuss retroactive cofinancing during project implementation.


In 2011, ADB and the Government of the Republic of Korea signed an MOU on Knowledge Partnership to formalize their cooperation in knowledge sharing. ADB–Knowledge Sharing Program (KSP) joint consulting projects, managed by MOSF and executed by EDCF, are implemented via trilateral cooperation among ADB’s partner countries and the Republic of Korea.

Since KSP supports sharing the government’s development experiences with DMCs through consulting services, studies, workshops and field trips to the Republic of Korea, ADB–KSP joint consulting projects will contribute to exploring cofinancing opportunities with EDCF.a

ADB–KSP Joint Consulting Project Selection Process ADB–KSP joint consulting projects consist of four phases: identification, preparation, implementation, and evaluation. At the identification level, MOSF, the managing and supervising agency of joint consulting projects, establishes policies and directions and signs MOUs with ADB. ADB–KSP joint consulting projects are then implemented in accordance with the MOUs.

EDCF requests a list of project candidates from ADB every year. ADB organizes proposals and sends them to EDCF.

OVERVIEW OF KNOWLEDGE SHARING PROGRAM

The Knowledge Sharing and Services Center of the Sustainable Development and Climate Change Department, the official collaborative channel of KSP projects, receives project proposals via open bids. Final project candidates are selected after consultation with ADB, sector and thematic groups, and the Board of Directors. The final list is then sent to EDCF.

EDCF examines each candidate mainly based on the feasibility of follow-up projects, availability of trust funds, suitability of partner countries and sectors, and sends the reviews to MOSF. The joint consulting projects of the year are finalized by MOSF reflecting the reviews from EDCF.

Project concept paper and terms of reference specifying project activities are finalized and KSP consultants with expertise are recruited via open bids at the preparation level. Case studies are then conducted by the consultants and the inception workshop, capacity-building workshop, interim workshop, and dissemination seminar are jointly held by ADB, partner countries and the KSP team. At the evaluation level, the overall implementation is monitored for midterm and final evaluation. Also, final reports are shared with ADB and partner countries, and post evaluation is conducted.

a Knowledge Sharing Program. http://www.ksp.go.kr/ksp/ksp.jsp

�Project Processing Coordination �13

The extent of partner involvement in the project cycle will be determined for cofinanced projects on a case-to-case basis. Partners shall

discuss key processing milestones of the other partner, including indicative board dates; plan project processing coordination covering the entire project cycle, with the plan regularly revisited and jointly updated, as appropriate; and jointly coordinate with the borrower during the project design process, i.e., contract packaging and project components, and seek the borrower’s early buy-in of the partner’s financing terms and specific requirements.

PROJECT PROCESSING COORDINATION

ADB processing is broadly defined by preparation, and approval and effectiveness. EDCF loan delivery is implemented in accordance with a standard procedure, which starts with project identification and preparation, then proceeds to appraisal, loan agreements, project implementation and supervision, and evaluation.

EDCF and ADB require the following:

Alignment with country and sector strategies, and borrower’s development plan

Assessment of environmental and social safeguard requirements and implementation

Harmonization with other partner activities


EDCF: Loans to foreign governments are implemented in accordance with a standard procedure, which starts with project identification and preparation, then proceeds to appraisal, loan agreements, project implementation and supervision, and evaluation.

1

4

2

5

3

6

PolicyDialogue

Procurement

Project Preparation

Disbursement

Appraisal

Evaluation

PROJECT CYCLE

ADB: The various stages from country programming to project completion and evaluation are known collectively as ADB’s project cycle.

ADB PROJECT

CYCLE

Country Partnership Strategy/Regional Cooperation

Strategy

Preparation

Completion/ Evaluation

Implementation

Approval


PREPARATIONADB

ADB prepares a project concept paper8 [with or without project preparatory technical assistance and project design advance (PDA)]. A project preparatory technical assistance may be processed for a project during the preparation stage (e.g., for feasibility study, which may include preliminary designs; preliminary engineering; cost estimates; technical, financial, economic, and socioeconomic analysis; environmental analysis; social impact assessment) or implementation stage (e.g., detailed designs, specifications, detailed cost estimates, prequalification of bidders, and bidding documents).A PDA supports project preparatory activities of executing and/or implementing agencies to increase project implementation readiness. A PDA is primarily intended to finance detailed engineering designs but can also finance (i) broader project preparatory work (e.g., feasibility studies, due diligence, preliminary designs, safeguard and pre-implementation work, advanced procurement actions, legal services, and related capacity building); and (ii) transaction advisory services for public-private partnerships. A PDA finances the cost of consulting services.ADB concept paper is subject to internal review through a departmental meeting to determine project merits, risks, complexity, and readiness.A reconnaissance mission would normally follow to firm up and agree on the project concept and due diligence requirements with the borrower.

8 ADB. 2014. Financing Partnerships. Operations Manual. OM/E1. Manila; ADB. 2010. Preparatory Actions. Project Administration Instructions. PAI 1. Manila.

The concept paper is peer-reviewed and is submitted for concept clearance.ADB fields a fact-finding mission to confirm the project’s viability after sufficient feasibility study has been carried out. Reconnaissance and fact-finding missions are the appropriate stages to initiate and/or discuss cofinancing.ADB prepares the report and recommendation of the President to the Board of Directors (RRP) and the project administration manual and other required documents.ADB circulates the draft RRP and holds a second peer review followed by a management review meeting (MRM) (for complex projects) or staff review meeting (SRM) (for low-risk projects). The project must be included in the joint pipeline indicating EDCF’s confirmation of cofinancing. For cofinancing to form part of the project’s financing plan, EDCF’s confirmation should be received before a report is submitted to Management. In case confirmation is not received by the date of the MRM or SRM, the MRM or SRM will need to determine whether the project without the cofinancing is still viable. If the MRM or SRM decides that the project is not viable without the cofinancing, loan negotiations will not be held until EDCF has confirmed its commitment to the cofinancing. If the MRM or SRM decides that the project is viable without the cofinancing, the cofinancing will be delinked from the project scope. The cofinancing may be processed later as a change in scope or additional financing or as parallel cofinancing once cofinancing is confirmed. ADB conducts loan negotiations with the borrower before ADB Board approval.ADB submits its final documentation (including the negotiated loan agreement) for the Board’s consideration.


EDCF

EDCF verifies country eligibility for the feasibility study of the candidate project to receive the loan.EDCF’s Project Preparation Facility can be utilized on a grant basis while preparing the feasibility study necessary for decision making during the project, including information regarding its economic, financial, technical, and environmental aspects.Countries requesting EDCF loans should submit documents including loan requests, feasibility studies, and implementation plans to the Government of the Republic of Korea.

Such requests are forwarded to the Minister of Ministry of Foreign Affairs (MOFA) through the Korean embassies in partner countries. The Minister of MOFA notifies the Minister of MOSF of the requests.EDCF sends a fact-finding mission to obtain information on all aspects of the proposed project required to sufficiently justify proceeding to the next stage of appraisal.EDCF dispatches an appraisal mission to the country to conduct on-site surveys, collect information, and meet officials of the prospective borrowing country as per request of MOSF if the project is deemed suitable.

PREPARATION


EDCF has enhanced the evaluation of social and environmental impact of its projects to improve the sustainability and quality of official development assistance projects. EDCF’s current policy on social and environmental safeguards seems to be reliant on the applicable local laws and regulations of the country

SAFEGUARDS

of its operations. ADB, being a multilateral development institution, applies universal standards. There is a need for aligning EDCF’s safeguard policies with ADB’s for effective and universal treatment of social and environmental impacts under the cofinanced projects.9

ADB and EDCF will communicate on a regular basis regarding potential cofinancing opportunities, including developing a mechanism for regularly sharing information and criteria regarding appropriate and desirable confinancing opportunities.

COMMUNICATION

Different channels of communication with EDCF include high-level consultation meetings, donor consultations, ADB and donor visits, and other knowledge sharing activities.

9 ADB. Safeguards. http://www.adb.org/site/safeguards/main

ADB and EDCF conduct joint missions facilitating one-on-one consultation on

project design, procurement, disbursement, safeguards, and cofinancing arrangements;

MISSIONS

potential issues and other requirements; andnegotiation with the borrower.


10 ADB. 2013. Blanket Waiver of Member Country Procurement Eligibility Restrictions in Cases of Cofinancing for Operations Financed from Asian Development Fund Resources. Manila. ADB. 2015. Enhancing Operational Efficiency of the Asian Development Bank. Manila. (http://www.adb.org/documents/enhancing-operational-efficiency-asian-development-bank)

BLANKET WAIVER OF ADB MEMBER COUNTRY PROCUREMENT ELIGIBILITY RESTRICTIONS10

Universal procurement will apply to operations financed by the Asian Development Fund (ADF) and Ordinary Capital Resources (OCR) from ADB-administered cofinancing resources in all cases where:

packages.

COFINANCING ARRANGEMENTSCONTRACTUAL COFINANCING COLLABORATIVE COFINANCING

DefinitionCofinancing for which ADB assumes financial, fiduciary, and/or administrative responsibilities in exchange for a fee

No contractual obligations but requires close coordination during project processing and implementation

TemplateCofinancing Agreement Memorandum of Understanding on

Collaborative Cofinancing and/or aide-mémoires signed by the regional department and corresponding financing partner staff

COFINANCING ARRANGEMENTS

JOINT FINANCING PARALLEL FINANCING Partners finance common list of goods, works and consulting services required for the project in agreed-upon proportions.ADB policies and guidelines apply.

Project is divided into specific, identifiable components or contract packages.Each component is separately financed by each partner.Financing may either be administered (Contractual Parallel Financing) or not administered (Collaborative Parallel Financing) by ADB.Under ADB administration, ADB policies and procedures apply. If not administered by ADB, the partner may use its own procurement and disbursement guidelines, and make best efforts to adopt a single safeguard requirement.

The timing of the mission may be synchronized to agree on the following: amount, scope of the project, procurement, disbursement, safeguards, the extent of ADB administration,

COFINANCING PROJECT STRUCTURING and other specific arrangements. The type of cofinancing arrangement shall be discussed at an early project processing stage.


Funds held by ADB (disbursement fully administered by ADB). The cofinancier’s funds are entrusted and deposited with ADB. ADB reviews, authorizes, and executes payments in accordance with ADB’s Loan Disbursement Handbook.

Funds held by the cofinancier (disbursement partially administered by ADB). ADB reviews withdrawal applications and advises the cofinancier to execute payments directly to beneficiaries, in accordance with ADB’s Loan Disbursement Handbook (2015,

DISBURSEMENT

as amended from time to time). The commitment procedure may not be used for cofinancier’s funds held by the cofinancier.

Under collaborative cofinancing, this form of cofinancing imposes no contractual obligations on either ADB or the financing partner. Financing partner follows its own policies and procedures in implementing the assigned project component(s). Regional departments can enter into such MOU and aide memoires, but only with the concurrence of the OCO.

Upon confirmation of cofinancing, the partners formalize the cofinancing arrangement by using the templates attached to the implementing agreement. This process may start as early as the project’s inclusion in the joint pipeline. The cofinancing agreement, cofinancing MOU, etc. shall be drafted at the latest during a fact-finding mission and have to be approved by both sides before MRM or SRM. KEXIM and OCO may preferably join a fact-finding mission or an earlier consultation mission on cofinancing.

COFINANCING DOCUMENT PREPARATION

ADB’s OCO, in consultation with the regional department(s), leads the process under contractual and collaborative cofinancing. If cofinancing arrangement entails significant deviation from the templates, ADB, through OCO, seeks interdepartmental comments and renegotiates with the partner. OCO should be directly consulted in all cofinancing agreement matters, including amendments.


APPROVAL AND EFFECTIVENESS

ADB EDCF

agreement with the borrower (signing date) after Board approval (approval date).11

loan effectiveness are stipulated in the loan agreement. Loan effective date is the date when all conditions of effectiveness of the loan agreement (effectiveness conditions) have been fulfilled by the borrower, and ADB declares loan effectiveness.

effectiveness conditions within a period of time agreed upon with ADB and as specified in the loan agreement.

conditions for withdrawal (disbursement conditions), which are conditions to be met before the loan proceeds can be disbursed.

submits along with its opinion to MOSF. MOSF then confirms the economic, financial, and technical viability of the project based on EDCF’s appraisal report. After consulting with ministries concerned, MOSF makes the final decision on the loan request and notifies the borrowing country of the result through MOFA.

binding questionnaire to determine the legal background pertaining to the loan. Legal answers to the questionnaire should be prepared by the Minister of Justice or someone in the position to provide objective and authorized answers.

Agreement when loan negotiations are completed and the specific terms and conditions are agreed upon.

documents such as evidence of authority, specimen signatures, and legal opinions submitted by the partner country for the Loan Agreement to be effective.

ADB and EDCF through KEXIM share copies of signed loan agreements and sign a cofinancing document for the project, with ADB’s OCO as the signatory.

The approval of the ADB President is sought if the ADB regional department requests changes

COFINANCING DOCUMENT SIGNING

to the signatory of the cofinancing document. If the partner cofinances a project after ADB Board approval, ADB processes additional financing if the project requires ADB’s administration.

11 ADB. 2003. Effectiveness of the Loan Agreement. Operations Manual. OM/J5. Manila.

�Implementation Coordination�21

ADB and EDCF monitor the implementation of the project via a midterm review or other monitoring missions.12 The scope of coordination during project implementation ranges from

preparation of detailed design and bid documents,procurement,disbursement and monitoring project cash flows,

IMPLEMENTATION COORDINATION

conducting review missions,monitoring the borrower’s compliance with loan covenants,monitoring project performance, and/orassessing project results.

ADB-assisted projects are implemented by the executing agency according to the agreed schedule and procedures. A project administration manual sets out the projects implementation agreements and details.

COORDINATION UNDER COLLABORATIVE COFINANCING

12 ADB. 2011. Project Performance Management System. Operations Manual. OM/J1. Manila; ADB. 2010. Preparatory Actions. Project Administration Instructions. PAI 1. Manila; ADB. 2012. Recruiting Consultants. Project Administration Instructions. PAI 2. Manila. ADB. 2014. Procurement. Project Administration Instructions. PAI 3. Manila; ADB. 2013. Disbursements. Project Administration Instructions. PAI 4. Manila; ADB. 2011. Project Administration Actions. Project Administration Instructions. PAI 5. Manila; ADB. 2014. Financing Partnerships. Operations Manual. OM/E1. Manila

Where ADB administration is not required, the partners will each manage their own procurement and disbursement under their respective policies and guidelines, although each partner’s projects should be closely linked, and

information exchanged and jointly monitored, especially on safeguards. Regardless of the type of cofinancing arrangement, joint efforts toward streamlining safeguards requirement, disbursements, and process are required.


According to its regulation, EDCF shall restrict a person or legal entity (hereinafter collectively referred to as “Persons”) engaged in malpractice from participating in an EDCF-financed project, for a period commensurate to the applicable item stated in the regulation.13

When a person and/or entity is in a multilateral development bank’s sanction list due to misconduct, fraud, or corruption, EDCF shall prevent such person or entity from participating in EDCF-financed activities until the sanction period imposed expires. EDCF may notify the government of the borrower’s country of entities which commit such actions.

COORDINATION UNDER SUSPICION OF CORRUPTION AND FRAUD

ADB is guided by its Anticorruption Policy (1998, as amended to date) and Integrity Principles and Guidelines, 2015. EDCF applies its General Policy on Combating Corruption, Fraud, Anti-Competitive Practices, Money Laundering, and Terrorist Financing.

ADB and EDCF inform each other of any event that interferes or threatens successful project implementation. Exchange of information shall be made on a confidential basis and with respect to each partner’s applicable rules and regulations. If an investigation is deemed necessary by ADB and/or EDCF in relation to a project, both parties coordinate and share the relevant information. In such cases, each partner keeps its investigative powers and its capacity to take appropriate remedy.

13 EDCF.Overview. https://www.edcfkorea.go.kr/site/homepage/menu/viewMenu?menuid=005001004001

�Project Completion Coordination�23

PROJECT COMPLETION COORDINATION

ADB EDCF

to the date the project is physically completed.14 This date precedes the loan closing date (normally 6 months before). Loan closing date is the date ADB terminates the right of the borrower to withdraw from the loan account. Expenditures incurred after the loan closing date will not be financed under the loan.

report within 12–24 months after the project completion.

completion report is shared with the partner(s) for confirmation of cofinancing information and experience

on all projects when the project has been fully implemented. This process concentrates on the correspondence between the original plan and the outcome of the project by the checklist method based on the project completion report (PCR) provided by the project executing agency (PEA). The PEA should submit the PCR within 6 months after the project completion date or such later date as shall be agreed upon between the PEA and EDCF.

14 ADB. 2011. Project Completion Report and Extended Annual Review Report. Project Administration Instructions. PAI 6.07. Manila; ADB. 2014. Financing Partnerships. Operations Manual. OM/E1. Manila.


15 ADB. 2014. Financing Partnerships. Operations Manual. OM/E1. Manila; ADB. 2013. Independent Evaluation. Operations Manual. OM/K1. Manila.

ADB’s Independent Evaluation Department independently and systematically evaluates ADB policies, strategies, operations, and special concerns that relate to the organizational and operational effectiveness.15 EDCF’s Evaluation Unit assesses the projects based on the international evaluation criteria (relevance,

EVALUATION COORDINATION

efficiency, effectiveness, impact, and sustainability), which benefits the partner country by improving its capacity to prepare, implement, and maintain development projects. Individually, they perform evaluation of projects. Both institutions prepare their respective evaluation reports that can be shared if required.

ADB EDCF

is the subject or included as a sample in any evaluation study by ADB’s Independent Evaluation Department, evaluation reports are shared with the partner. The evaluation findings take into account feedback from the partner(s).

6 months after the project completion date or by a later date agreed upon between the PEA and EDCF.

Assistance Facility” to the borrowing country to help deal with the issues and problems arising from the completed project and to ensure the long-term sustainability of the project.

�Evaluation Coordination �25

“Expanding Transportation Infrastructure in the Mekong Delta”

The main objective of the project is to improve transport services across and within the central Mekong Delta region by constructing a section of the Second Southern Highway that the Government of Viet Nam has been developing to connect Ho Chi Minh City with the isolated southwestern region of the Mekong Delta.

Since the Government of the Republic of Korea provided a substantial support for the Greater Mekong Subregion (GMS) Program,16 ADB and the Government of Viet Nam were expecting KEXIM to participate in this project. In 2012, KEXIM discussed cofinancing opportunity for the project with ADB during KEXIM’s fact-finding mission and the cofinancing plan materialized during KEXIM’s appraisal mission in 2013. Accordingly, ADB and KEXIM signed the MOU on collaborative cofinancing in August 2013.

KEXIM, through EDCF, is providing a $260-million loan, cofinancing an ordinary capital resources loan amounting to $410 million from ADB and A$128 million from the Government of Australia, which will provide efficient access from Ho Chi Minh City to the Southern Coastal Region. Considering the project required huge resources to make progress, cofinanciers have played a significant role in cofinancing infrastructure in the GMS.

Project implementation is on track and expected to be physically completed as scheduled by the end of 2017; by then, the project outcome will be fully obtained. With assistance from ADB and EDCF, this infrastructure improves efficiency by reducing the cost of transport and faster travel time across the region.

Viet Nam: Central Mekong Delta Region Connectivity Project

COFINANCING CASE 1

16 EDCF’s strategy identifies two goals: (i) creating an area of shared prosperity through sustainable and balanced socioeconomic development and (ii) maximizing the benefits of economic integration in the Mekong Region.

�Cofinancing Case�25


“Improving Rural Roads: Generate Economic

In Cambodia, road transport accounts for over 90% of transportation infrastructure for passengers and goods. Yet, most rural roads, which account for 87% of the total length of all roads, are unpaved (pavement ratio of 2%). In particular, rural roads that are remote from major cities and main road networks are in extremely poor conditions. To address this situation, the Royal Government of Cambodia (RGC) has implemented a phased-in rural road development project. The Rural Road Improvement Project I was initiated by ADB ($35 million) and cofinanced by EDCF loan ($21 million) and Nordic Development Fund grant ($5.4 million).

Since RGC has been prioritizing the improvement of road networks, Rural Road Improvement Project II was initiated for paving 22 rural roads and improving bridges and drainage facilities scattered throughout the project area. Accordingly, RGC requested ADB, the Government of the Republic of Korea, Nordic Development Fund, and the Government of Australia to provide financial support for the second phase of the project.

KEXIM joined ADB’s fact-finding mission for the project in July 2013 following informal meetings and conference between the two parties. The Government of the Republic of Korea decided on parallel cofinancing of the project with ADB. ADB and KEXIM finally signed the MOU on collaborative cofinancing in September 2014. Through the EDCF, KEXIM is providing $41 million for rural road improvements. The road network, the principal transport system of Cambodia, includes (i) 4,800 kilometers (km) of national roads, (ii) 6,600 km of provincial roads, and (iii) 33,000 km of rural roads.

With assistance from ADB, EDCF, and other cofinanciers, the RGC focuses on rehabilitating core infrastructure to support sustainable economic development. At the same time, the project is expected to result in enhanced cooperation between ADB and its partners.

Cambodia: Rural Roads Improvement Project II

COFINANCING CASE 2


�Headquarters and Country Offices�27 �Headquarters and Country Offices 27

HEADQUARTERS AND COUNTRY OFFICES

HEADQUARTERS

ADB EDCFAsian Development Bank#6 ADB Avenue, Mandaluyong City 1550 Metro Manila, PhilippinesTel +63 2 632 4444 [email protected]

Attention: Head

Tel +63 2 683 5645 Fax +63 2 636 2456 (Direct)

Ministry of Strategy and FinanceInternational Financial Cooperation Bureau Development Cooperation DivisionGovernment Complex, 477 Galmae-roSejong Special Self-Governing City, 30109 KoreaTel +82 44 215 2114 Fax +82 44 215 8152www.mosf.go.kr

Attention: Director Development Cooperation DivisionInternational Financial Cooperation Bureau

The Export-Import Bank of Korea EDCF Group38 Eunhaengro, Yeongdeungpo-gu, Seoul 07242, KoreaTel +82 2 3779 6114 Fax +82 2 784 1030Telex: K26595 EXIMBK / Cable Address: EXIMKOREAwww.edcfkorea.go.kr

Attention: Director General EDCF Planning & Coordination Department

28 �ADB–EDCF Cofinancing Guide28 �ADB–EDCF Cofinancing Guide

COUNTRY OFFICES

ADB EDCF*Afghanistan Resident MissionAsian Development BankP. O. Box 3070 Kabul, Afghanistan Tel +93 20 221 0301 to 4

Armenia Resident Mission10 V. Sargsyan Street, 3rd Floor Offices 79-81, Piazza Grande, Yerevan 0010, Republic of Armenia Tel +374 10 546370, 546371, 546372, 546373Fax +374 10 546374Azerbaijan Resident Mission 45 A. Khagani Street, Landmark II Building 3rd Floor, Baku, AZ1010, Azerbaijan Tel +99412 4373477 Fax +99412 4373475

Bangladesh Resident MissionPlot E-31, Sher-e-Bangla Nagar, Dhaka 1207 Bangladesh, GPO Box No. 2100 Tel +880 2 5566 7000 Fax +880 2 9117925 to 26

Bangladesh Resident MissionBay’s Bellavista building 7th Floor Plot #96, Road #11, Block #C, BananiDhaka, BangladeshTel +88 02 982 0737 to 40Fax +88 02 982 0744E-mail: [email protected]

Bhutan Resident Mission Lower Norzin Lam, Thimphu, Bhutan Email: [email protected]

Cambodia Resident MissionNo. 29, Suramarit Boulevard (268/19)Sangkat Chaktomuk, Khan Daun Penh Phnom Penh, CambodiaTel +855 23 215 805/806, 216417Fax +855 23 215 807

Cambodia Resident MissionPhnom Penh Tower, 3F, #445, 232/93 (Monivong Bivd), Phnom Penh, CambodiaTel +855 23 999 561Fax +855 23 999 562E-mail: [email protected]

Georgia Resident Mission 1, G. Tabidze Street, Freedom Square 0114 Tbilisi, Georgia Tel +995 322 250619 Fax +995 322 250622


ADB EDCF*India Resident Mission4 San Martin Marg, Chanakyapuri New Delhi 110021 IndiaTel +91 11 2410 7200Fax +91 11 2687 0945

New Delhi Representative Office 901, 9th Floor, Eros Corporate Tower Nehru Place, New Delhi-110019, IndiaTel +91 11 4168 8720Fax +91 11 4168 8723 E-mail: [email protected]

Indonesia Resident MissionThe Plaza Office Tower, 11th floor, Jl. MH Thamrin 28-30, Central Jakarta Indonesia 10350 Tel +62 21 29927388 Fax +62 21 29927399

Jakarta Representative Office Plaza Bapindo, Menara Mandiri Lt. 16, Jl. Jend. Sudirman Kav. 54-55, Jakarta Selatan, IndonesiaTel +62 21 2995 0120 Fax +62 21 2995 0124 E-mail: [email protected]

Kazakhstan Resident Mission12 Samal Microdistrict, Astana Tower Business Center, 20th Floor Astana 010000 Kazakhstan Tel +7 717 270 9707 / Local 5506 Fax +7 717 232 8343

Kyrgyz Republic Resident Mission52-54 Orozbekov Street, Bishkek 720040 Kyrgyz Republic Tel +996 312 624195, +996 312 900445 Fax +996 312 624196

Lao PDR Resident MissionCorner of Lanexang Av. and Samsenthai Road, P.O. Box 9724 Vientiane, Lao PDR Tel +856 21 250444 Fax +856 21 250333

Mongolia Resident MissionInternational Commerce Center (ICC) Tower, 17th Floor, Jamyan Gunii Street-9, Ulaanbaatar 14210, MongoliaTel +976 11 313440/323507/329836 Fax +976 11 311795

30 �ADB–EDCF Cofinancing Guide30 ADB–EDCF Cofinancing Guide

ADB EDCF*Myanmar Resident MissionNay Pyi Taw Office PARKROYAL Hotel, Padauk Building, 13/14 Hotel Zone Dekhina Thiri Township Nay Pyi Taw, Myanmar Tel +95 067 810 6280-86 Fax +95 067 810 6287

Yangon OfficeUnion Business Centre (UBC) Room 04-05, 4th Floor, Natmauk Road Bo Cho Quarter, Bahan Township Yangon, Myanmar Tel +95 01 860 3433-34 Ext: 5024 Fax +95 01 860 3439

Yangon Representative Office17th Floor, Sakura Tower, 339 Bogyoke Aung San Road, Kyauktada Township Yangon, Myanmar Tel +95 1 255 325 Fax +95 1 255 327 E-mail: [email protected]

Nepal Resident MissionMetro Park Building, Lazimpat Ward No. 2, P.O. Box 5017, Kathmandu Nepal Tel +977 1 4005120 Fax +977 1 4005137

Pakistan Resident MissionLevel 8, North Wing, Serena Office Complex, Khayaban-e-Suhrawardy, G-5, Islamabad Pakistan Tel +92 51 260 0351 to 69, 2087300Fax +92 51 260 0365 to 66, 2087397 to 98

Papua New Guinea Resident MissionDeloitte Tower, Level 13, P.O. Box 1992 Port Moresby, National Capital District Papua New Guinea Tel +675 321 0400/0408 Fax +675 321 0407


ADB EDCF*People’s Republic of China Resident Mission17th Floor, China World Tower (Guomao III), 1 Jian Guo Men Wai Avenue, Chaoyang District, Beijing 100004, People’s Republic of China Tel +86 10 8573 0909 Fax +86 10 8573 0808

Beijing Representative Office C-716, Beijing Lufthansa Centre, 50 Liangmaqiao Road, Chaoyang District Beijing,100016, People’s Republic of China Tel +86 10 6465 3371 Fax + 86 10 6463 7116 Email: [email protected]

Shanghai Representative Office1203 Aetna Tower, No. 107, Zunyi Road Shanghai, 200051, People’s Republic of China Tel +86 21 6237 5661 Fax +86 21 6237 5563 E-mail: [email protected]

Philippines Country Office6 ADB Avenue, Mandaluyong City 1550 Metro Manila, Philippines Tel +632 683 1000 Fax +632 683 1030

Manila Representative OfficePhilippines 10th Floor, Pacific Star Building Sen. Gil J. Puyat Avenue corner Makati Avenue 1220, Makati City, Philippines Tel +63 2 864 0624 Fax +63 2 864 0625 E-mail: [email protected]

Sri Lanka Resident Mission23, Independence Avenue Colombo 7, Sri Lanka Tel + 94 11 4455455, 11 2674499 Fax + 94 11 4455499, 11 2674488

Sri Lanka Resident MissionKorea ODA Center 3rd Floor 9/2 Dudley Senanayake Mawatha Colombo 8, Sri Lanka Tel +94 11 267 5355Fax +94 11 267 5356E-mail: [email protected]

Tajikistan Resident Mission45 Sovetskaya Street, Dushanbe 734001, TajikistanTel +992 372 271895/271897/210558 Fax +992 372 289128

Thailand Resident Mission23rd Floor, The Offices at Central World999/9 Rama 1 Road, Wangmai, Pathumwan Bangkok 10330, Thailand Tel +662 263 5300Fax +662 263 5301 to 02

Timor-Leste Resident MissionADB Building, Rua Alferes Duarte Arbiro,Farol, Dili, Timor-Leste Tel +670 332 4801 Fax +670 332 4132

32 �ADB–EDCF Cofinancing Guide32 ADB–EDCF Cofinancing Guide

ADB EDCF*Turkmenistan Resident Mission54, Turkmenbashi Avenue, Yimpash Business Center Building, Office 401-A, Ashgabat 744013, Turkmenistan Tel +993 12 454984 Fax +993 12 454986Uzbekistan Resident Mission1 A. Khodjaev Street, Tashkent 100027,Uzbekistan Tel +998 71 140 1920 to 1925 Fax +998 71 140 1976

Tashkent Representative Office14C-04 International Business Center, 107-B, Amir Temur Street, Tashkent 100084, UzbekistanTel +998 71 238 9288Fax +998 71 238 9218E-mail: [email protected]

Viet Nam Resident Mission 3rd Floor, Cornerstone Building, 16 Phan Chu Trinh Street, Hoan Kiem District, Ha Noi, Viet Nam Tel + 844 3933 1374Fax + 844 3933 1373

Hanoi Representative Office8th Floor, Daeha Business Center, 360 Kim Ma Str., Ba Dinh District, Hanoi, Viet NamTel +84 4 3771 7009 Fax +84 4 3771 7010E-mail: [email protected]

Pacific Liaison and Coordination OfficeLevel 20, 45 Clarence Street Sydney, NSW Australia 2000Tel +61 2 8270 9444Fax +61 2 8270 9445

ADB/World Bank Joint Vanuatu Liaison OfficePMB 3221 Level 5, Reserve Bank of Vanuatu Building, Emile Mercet Street, Port Vila Vanuatu Tel +678 23610

ADB Development Coordination Office Mud Alley Honiara, Solomon IslandsTel +677 21444

Pacific Subregional Office 5th Floor, Ra Marama Building, 91 Gordon Street, Suva, FijiTel +679 331 8101Fax +679 331 8074

* Hosted by KEXIM.

Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO)© 2016 ADB. The CC license does not apply to non-ADB copyright materials in this publication.Corrigenda to ADB publications may be found at http://www.adb.org/publications/corrigendaPSN ARM168590 [email protected]

Note: All photos are from ADB.ADB recognizes “Korea” as the Republic of Korea.

Printed on recycled paper

About the Asian Development Bank

ADB’s vision is an Asia and Pacific region free of poverty. Its mission is to help its developing member countries reduce poverty and improve the quality of life of their people. Despite the region’s many successes, it remains home to a large share of the world’s poor. ADB is committed to reducing poverty through inclusive economic growth, environmentally sustainable growth, and regional integration.

Based in Manila, ADB is owned by 67 members, including 48 from the region. Its main instruments for helping its developing member countries are policy dialogue, loans, equity investments, guarantees, grants, and technical assistance.

ASIAN DEVELOPMENT BANK6 ADB Avenue, Mandaluyong City1550 Metro Manila, Philippineswww.adb.org

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