The Asian Development Bank (ADB) and Agricultural Development Bank of China (ADBC) today signed a memorandum of understanding (MOU) to cooperate in support of rural vitalization in the People’s Republic of China (PRC).
The MOU opens avenues of cooperation between ADB and ADBC, including cofinancing, to promote the PRC’s rural vitalization program. Under the agreement, ADB and ADBC will promote innovation, demonstration, and replicability of green agriculture and rural development projects in the PRC by leveraging financial resources and combining knowledge and technical expertise in project design and implementation.
“ADB and ADBC each have unique resources and advantages that can be used to support rural development, protect urban and rural environment, improve the safety and quality of agricultural production, and increase farmers’ income,” said ADB Country Director in the PRC Yolanda Fernandez Lommen. “The knowledge generated is expected to benefit the PRC and other developing member countries of ADB.”
The partnership will collaborate to support rural infrastructure, environment improvement, and agribusiness value chains development. The cooperation will focus on eight areas: preventing and controlling rural pollution; reducing rural vulnerability to climate change; strengthening the conservation, restoration, and sustainable use of biodiversity in agriculture; supporting the urban–rural integrated development; expanding social services for the rural communities; promoting green and sustainable financing for rural development; applying new and advanced technologies, including digital technologies; and supporting agriculture-related regional cooperation and development
ADBC is an agricultural policy bank in the PRC, with a mission to raise funds through the market based on national credit, and act as a strategic pillar of the country in supporting the development of agriculture, rural areas, and farmers.
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 68 members—49 from the region.