Established in 1958 originally as the European Economic Community (EEC), the European Union (EU) is a political and economic union of 27 sovereign states in Europe (in 1993, the EEC changed its name to the EU). The EU seeks to drive sustainable development, peace, and economic integration. It works with ADB to promote human rights and good governance, health, education, sustainable agriculture and food security, environment and clean energy, food and agriculture, and cross-border cooperation in human and animal health.
Since the start of ADB’s sovereign cofinancing operations in 1970, the top grant cofinancier among multilateral partners for investment and technical assistance (TA) projects has been the EU with a total of $952.45 million for 65 projects.
In 2022, the EU committed $13.1 million cofinancing for a TA program that supports government-owned banks in five Pacific countries (Fiji, Samoa, Solomon Islands, Tonga, and Vanuatu) to increase the number and volume of loans to micro, small, and medium-sized enterprises (MSMEs). It will also support business development services to MSMEs to help them become more creditworthy and bankable. This is the highest TA cofinancing for the year.
The European Commission, the executive arm of the EU, requires partner organizations to pass institutional compliance assessments, called Pillar Assessment, before using indirect management cooperation with them. The Pillar Assessment consists of up to nine pillars. ADB has gone through the assessment for pillars 7, 8, and 9, and the results received in March 2022 were all positive. The Pillar Assessment for pillar 4 is ongoing and expected to be completed in the first quarter of 2023.
News
ADB, European Union, and ASEAN Countries Partner to Boost Green Infrastructure
The European Union is supporting the ASEAN Catalytic Green Finance Facility (ACGF) with €50 million ($54.9 million) to help governments prepare and catalyze public and private financing for climate-friendly infrastructure projects across Southeast Asia. The ACGF is managed by ADB and provides ASEAN governments with access to sovereign loans for projects on renewable energy and energy efficiency, sustainable urban transport, water supply and sanitation, and climate-resilient agriculture.
Stories
Major challenges are overwhelming Solomon Islands' water supply and sanitation services. ADB, along with the European Union and the World Bank, is helping the country surmount these challenges through a sector-wide water and sanitation project that will expand and upgrade Solomon Islands' water and sewerage infrastructure.
Bangladesh’s Primary Education Development Program introduced innovative approaches that changed the face of basic education in the country—from the adoption of multimedia, reward schemes to encourage kids to stay in school, and teacher training, among others.
- All-Weather, Climate-Proof Road Infrastructure
- Expanding Hydropower in Samoa
- Model Schools Improve Quality of Public Education, Benefit Female, Disadvantaged Students in Nepal
- Nepal: Strong Secondary School Systems for Sustainable Growth
- Rebuilding and Recovery After the Asian Tsunami
- Road Rehabilitation to Fuel Regional Economic Growth
- Transforming Education System through Model Schools
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