For Immediate Release
Press Release
Today in the Philippines, the U.S. Agency for International Development (USAID) officially extended its partnership with the Asian Development Bank (ADB) through the Regional Development Objective Agreement to support energy, economic, and social development in Asia. USAID Assistant Administrator for Asia Michael Schiffer and ADB Senior Advisor of the Strategy, Policy, and Partnerships Department Kenji Yuhaku signed the agreement at the ADB Headquarters in Manila.
This agreement extends the partnership for another five years until September 30, 2029, increasing the planned USAID contribution by up to $200 million, for a total of up to $500 million over ten years, subject to the availability of funds. It reaffirms USAID’s partnership with the ADB, not just in energy and environment, but also in economic and social development for regional collaboration. Under this agreement, USAID and ADB will work to enhance regional energy integration and trade; improve natural resource management, resilience, and environmental sustainability; strengthen health systems and services; promote regional economic connectivity; harmonize cross-border protection of vulnerable populations; and improve education systems that enable all children and youth to acquire the education and skills needed to be productive members of society.
"This agreement marks a significant milestone in USAID’s decade-long partnership with the ADB," said Assistant Administrator Schiffer. "We are excited to continue working together to pursue shared development objectives and to expand our collaboration to meet new challenges in the region."
To date, USAID and ADB’s notable achievements include enhancing cooperation among governments, private sector energy companies, financial institutions, and civil society for clean energy transition in Asia and the Pacific. Over the past decade, USAID’s regional energy programs in Southeast Asia have mobilized over $7 billion in clean energy investments and have helped to install more than 9,000 megawatts of clean power generation.
The extension of the agreement reinforces USAID and ADB’s commitment to shared development objectives in the region and their joint commitment to fostering regional growth and prosperity.