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The Asian Development Bank and its donors agreed to a $5-billion replenishment for the bank’s two funds that support developing countries in the region.
The ADF is ADB’s largest source of grants for its poorest and most vulnerable members. Replenishments occur every four years. TASF 8 will provide grants for project preparation, capacity building, and technical or policy advice.“Grants are more important than ever as our poorest and most vulnerable members seek to reverse recent development setbacks and take urgent action to combat the climate crisis,” said ADB President Masatsugu Asakawa.
ADF 14 prioritizes assistance to small island developing states vulnerable to climate change and countries in fragile or conflict-affected situations. It will also continue to support climate adaptation, disaster risk reduction, regional cooperation, and gender equality initiatives. Additionally, a crisis response window allows for agile assistance in emergencies.
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