The Asian Development Bank (ADB) and the Organization for Economic Co-operation and Development (OECD) on Wednesday signed a new five-year memorandum of understanding (MoU) to deepen their collaboration in promoting effective development policies and programs in Asia and the Pacific.
The MoU was signed by ADB president Takehiko Nakao and OECD secretary-general Angel Gurría at a ceremony in Bali. The agreement covers the period 2019–2023 and commits the two organizations to work together to promote policy dialogue, results management, knowledge sharing and mutual learning, including on anti-corruption, tax policy and administration, macroeconomic policy and data collection and analyses.
ADB and the OECD have a rich history of collaboration dating back to 2005.
Under the previous MoU signed in 2013, the ADB and OECD jointly prepared studies, organized conferences, held consultations with the private sector, exchanged economic data and delivered capacity building initiatives.
Joint activities include the ADB-OECD Anti-Corruption Initiative, the OECD-Asian Roundtable on Corporate Governance and the OECD Forum on Tax and Crime.
The ADB also played a key role in the UNDP-OECD Global Partnership for Effective Development Cooperation.
“Over the past five years, we have worked together to address corruption, improve corporate governance and combat tax crimes in Asia and the Pacific, among many other areas,” Nakao said. “We look forward to building on this strong partnership, taking advantage of ADB’s vast network of policy makers in the region and OECD’s solid experience in upper middle-income and high-income countries.”
Through the new MoU, the two organizations will continue ongoing initiatives and undertake other studies and events on topics such as macroeconomic policy, Asia’s medium-term growth, Southeast Asian economic outlook and statistics for the Asian region.
Staff sharing will also be expanded to include long-term secondment.
The ADB said it is committed to achieve a prosperous, inclusive, resilient and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty.
Established in 1966, it is owned by 67 members — 48 from the region.
In 2017, ADB operations totaled $32.2 billion, including $11.9 billion in co-financing.