The Asian Development Bank (ADB) and the Republic of Korea have signed a memorandum of understanding(MoU) to provide US$ 700 million in co-financing from the Republic of Korea for ADB sovereign development projects over the next 3 years.

Half of the allocated amount—US$ 350 million—will cofinance projects through the Association of Southeast Asian Nations (ASEAN) Catalytic Green Finance Facility (ACGF) managed by ADB. ACGF projects jointly funded with the Republic of Korea will help governments in Southeast Asia implement infrastructure projects that promote environmental sustainability, including ocean health, and contribute to climate change goals.