Jakarta, Dec. 4 -- The Asian Development Bank (ADB) and the World Bank Group have announced their first two collaborative projects in the Pacific region under the Full Mutual Reliance Framework (FMRF).

Speaking at the launch event in Manila, Philippines, on Thursday, President of ADB Masato Kanda described the FMRF as an innovative financing model that enables both organizations to operate more efficiently and effectively.

"This is a way to make development finance simpler, faster, and more effective," he remarked, as broadcast here through an online conference.

Under the new framework, beneficiary countries can receive funding from both institutions but are only required to adhere to the rules and procedures of a single lead lender. ...