MILAN, ITALY -- The Asian Development Bank (ADB) and KfW, the German state-owned development bank, today signed a new amendment to their longstanding cofinancing partnership, with KfW committing an additional $2 billion to support joint operations with ADB through 2028. The new allocation will support cofinancing for sovereign operations in sectors such as clean energy, urban and social infrastructure, water and sanitation, and climate resilience.

The agreement was signed in Milan, Italy, during ADB's 58th Annual Meeting in Milan, marking the fourth amendment to the cofinancing memorandum of understanding (MOU) originally signed in 2014. With this latest commitment, KfW's total cofinancing pledge with ADB rises to $10 billion over the period from 2014 to 2028.

"This renewed commitment demonstrates the strength and maturity of our partnership with KfW," said ADB Vice-President for Sectors and Themes Fatima Yasmin. "Together, we are scaling up our ability to deliver high-impact development solutions across Asia and the Pacific that support sustainable and resilient growth and improve livelihoods."

Both institutions are also committed to exploring opportunities to mobilize additional resources--particularly grants from partners such as the European Union--to complement their cofinancing efforts.

"This agreement reinforces our strategic collaboration with ADB in addressing pressing regional challenges," said Member of KfW's Management Committee (Europe and Asia) Stephan Opitz. "We look forward to supporting impactful projects that drive inclusive growth and long-term resilience."

The ADB-KfW cofinancing partnership has jointly supported $18.2 billion in critical investments across Asia and the Pacific for the past decade, contributing to the region's sustainable development and financial innovation.

ADB is a leading multilateral development bank supporting inclusive, resilient, and sustainable growth across Asia and the Pacific. Working with its members and partners to solve complex challenges together, ADB harnesses innovative financial tools and strategic partnerships to transform lives, build quality infrastructure, and safeguard our planet. Founded in 1966, ADB is owned by 69 members--50 from the region.