The Asian Development Bank (ADB) and the Organisation for Economic Co-operation and Development (OECD) today signed a new 5-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 Mr Takehiko Nakao and OECD Secretary-General Mr 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 in management, knowledge sharing, and mutual learning, including on anti-corruption, tax policy and administration, macroeconomic policy, and data collection and analyses.
ADB and OECD have a rich history of collaboration dating back to 2005. Under the previous MOU signed in 2013, 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, OECD-Asian Roundtable on Corporate Governance, and the OECD Forum on Tax and Crime. ADB has also played a key role in the UNDP-OECD Global Partnership for Effective Development Cooperation.
"Over the past 5 years, we have worked together to address corruption, improve corporate governance, and combat tax crimes in Asia and the Pacific, among many other areas," said Mr Nakao. "We look forward to building on this strong partnership, taking advantage of ADB's vast network of policymakers 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.
ADB is committed to achieving 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 totalled $32.2 billion, including $11.9 billion in co-financing.
(With inputs from Asian Development Bank)