Manila, Dec 27, 2006 AEST (ABN Newswire) - The Government of Sweden has signed a General Agreement on Operational Arrangements with ADB to streamline its cofinancing process.
"The agreement outlines general rules and procedures covering all possible cofinancing arrangements and will help reduce the time that it takes to draft, negotiate, and finalize full-fledged cofinancing agreements," says Werner Liepach, Principal Director of ADB's Office of Cofinancing Operations.
ADB will administer all funds provided by Sweden in accordance with provisions of the General Agreement.
ADB earlier this month approved $2.43 million in additional funds from the Government of Sweden to address air quality in Asia's developing countries. Sweden is also funding a package of 11 grant projects totaling US$8.17 million to step up the fight against HIV/AIDS in Asia and was joint founder with Norway of a Poverty and Environment Fund at ADB.
Sweden is ADB's 29th largest shareholder. It has contributed $172.08 million in capital subscription and $280.91 million to ADB's special funds since joining in 1966.
Contact
Graham Dwyer
Email: gdwyer@adb.org
Tel:+632 632 5253; Mobile: +63 920 938-6487
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