, Dec. 4 -- World Bank Group President Ajay Banga and Asian Development Bank (ADB) President Masato Kanda on Thursday announced the first two Pacific projects to be delivered under the Full Mutual Reliance Framework, an innovative cofinancing model that will boost development impact.

The framework will allow countries to work with a single lead lender, either ADB or the World Bank, guiding all aspects of project design, preparation, supervision, and evaluation.

It will streamline processes and reduce duplication between the two institutions.

Countries will benefit from faster project implementation, lower transaction costs, and continued adherence to high policy standards.

The first two projects under the framework are a major health ...