Srilanka, Feb. 22 -- The Asian Development Bank (ADB) and World Bank (WB) signed a new groundbreaking Full Mutual Reliance Framework (FMRF) on February 20, to deepen their collaboration on cofinanced public sector projects. This first of a kind arrangement between multilateral development banks (MDBs) aims to streamline project processing and implementation and deliver faster and more efficient results to borrowing clients. Under the FMRF, the borrowers in the WB-ADB co-financings can rely on one set of rules - using the policies and procedures of either the WB or ADB- on all aspects of project design, preparation, appraisal, supervision, completion and evaluation. The FMRF is expected to generate efficiencies, time and cost-savings, bette...