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MOU signed for new Asian Development Bank Facility



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The Hon. Kelly O’Dwyer MP Minister for Small Business Assistant Treasurer

The Hon. Steven Ciobo MP Minister for International Development and the Pacific

9 February 2016

MOU SIGNED FOR NEW ASIAN DEVELOPMENT BANK FACILITY

Minister for Small Business and Assistant Treasurer, Kelly O’Dwyer MP, and Asian Development Bank President, Takehiko Nakao, today signed the Memorandum of Understanding on the Asia Pacific Project Preparation Facility.

“The Bank’s new facility will help member countries in Asia and the Pacific prepare bankable public-private partnership infrastructure projects to better attract and secure financing from private sector sources,” Minister O’Dwyer said.

“The Asian Development Bank works in partnership with its 67 member countries to support the growth of thriving, modern economies that are well integrated with each other and the world, while helping alleviate poverty in the Asia Pacific region.

“We are improving the economic stability of our region and today’s agreement will help remove impediments to private sector investment by supporting project design, conducting quality due diligence, and assisting with preparing, structuring and placing of projects with private investors.

“Today’s signing releases the first of two payments of $5 million to support this facility. The Australian Government has committed to provide $10 million over two years.

“Our partnership with the Bank also extends to the Global Infrastructure Hub based in Sydney, which will work closely with the Facility.

“Both the Facility and the Hub represent strong legacies from Australia’s international leadership during our G20 Presidency in 2014, which will deliver greater growth in infrastructure for Australia and the world,” Minister O’Dwyer said.

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Minister for International Development and the Pacific, Steven Ciobo MP, said today’s commitment aligns with our aid policy, including the focus on aid for trade, economic growth and private sector engagement.

“The ADB’s and Australia’s strong regional focus and expertise positions the Facility well to provide support to develop Public-Private Partnerships in the Pacific countries too,” Minister Ciobo said.

Australia is a founding member of the Bank and the 5th largest shareholder.

Media Contacts:

Minister Ciobo - Ben Dillaway 0409 598 102.