Asian Development Bank (ADB) and the Boao Forum for Asia (BFA) signed a Memorandum of Understanding (MOU) on Saturday that aims to strengthen cooperation between the two organizations.

According to the MOU, the two organizations will cooperate in developing knowledge products and services with a focus on trade and investment related activities.

ADB and BFA will also work together to support poverty reduction across the Asia and Pacific region and other development goals, including the achievement of the Millennium Development Goals in the region.

They will share knowledge from lessons learned and evaluations of development in Asia and the Pacific; consult each other on policy dialogue and programming for regional, and national activities; and explore potential co-financing arrangements.

An enhanced partnership between the two institutions will strengthen capacities in both organizations, enhance the efficiency and effectiveness of the use of their respective resources, and help realize common aims to pursue the objective of assisting regional economic cooperation and integration in Asia.

Established in 1966, ADB is a major development institution dedicated to reducing poverty in the Asia and Pacific region through pro-poor sustainable economic growth, social development and good governance. BFA was established in 2001 with the aim to realize prosperity in Asia.

Source: Xinhua