Asian Development Bank
The Asian Development Bank (ADB) is an important development partner for Australia that leverages significant financial resources and expertise for sustainable development and poverty reduction. It is the principal international development finance institution for the Asia-Pacific region and its strategic priorities closely align with the objectives of Australia's aid program including contributing to sustainable economic growth and poverty reduction.
Australia's membership and financial contributions to the Asian Development Bank provide Australia with the opportunity to engage and influence policy for strengthened regional development outcomes.
The guiding principles of the Australia and the Asian Development Bank relationship are set out in a Partnership Framework which is periodically amended to ensure it reflects contemporary conditions. The Partnership Framework for the period 2016-2020 was signed on 9 February 2016. A revised framework is planned for release early 2021.
Further to providing concessional loans to Development Member Countries (DMCs), the ADB also provides grants to those DMCs with moderate to high risk of debt distress through the Asian Development Fund. ADF-financed operations serve many of the economic, strategic, and humanitarian interests of contributing members in a cost-effective manner. In 2020, the Australian Government pledged $423 million for the most recent replenishment of the ADF (2021-2024). Australia was the second largest donor to this ADF replenishment.
In May 2020, the Australian Government published Partnerships for Recovery: Australia’s COVID-19 Development Response (2020), which focusses on Australia’s COVID-19 Development Response. The Government’s shared strategic priorities with the ADB emphasise the need to continue to support the poorest and most vulnerable countries in our region, prioritising strengthening health security, maintaining social stability and stimulating economic recovery, while managing increased debt vulnerabilities. Our joint priority of supporting economic recovery includes through greater private sector investments, but also the need to counter the disproportionate impacts of COVID-19 on women and people with disabilities.