Australia and the Asian Development Bank New Partnership Framework

Today the Australian Government signed an agreement with the President of the Asian Development Bank (ADB) Mr Takehiko Nakao, aimed at enhancing our ability to assist in the alleviation of poverty and improvement in the standard of living of people in our region. Peace, prosperity and stability in our region is a vital national interest.

The new 2016-20 Partnership Framework on Development with the ADB reinforces our shared strategic priorities and a continued commitment to working together in the Asia-Pacific region.

The ADB is Australia's second largest development partner and a major source of development finance for the Asia-Pacific. In 2014-15, Australia provided $240 million in funding through the aid program for ADB loans, grants, and special projects.

The Australia-ADB partnership has achieved many positive results in our region through supporting infrastructure development, private sector growth, effective governance, disaster risk reduction and women's economic empowerment.

In the Pacific we are encouraging the development of new businesses and increasing domestic and foreign investment. For example, in the Solomon Islands we have worked together to expand access to markets and services through improved infrastructure.

The Partnership Framework will guide our relationship with the ADB through to 2020, continuing our long history of constructive partnership.