MANILA, Sept 23: A World Bank agency and the Asian Development Bank (ADB) agreed on Monday to support foreign direct investment (FDI) in Asia through lending and the provision of investment guarantees, a joint statement here said.

ADB and the Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group, “will support joint projects in which one or both will provide investment guarantees, in combination with ADB direct assistance, such as loans or equity investments,” the statement said.

MIGA executive vice president Motomichi Ikawa said after the Manila signing that the step signals our commitment to increasing the flows of foreign investment in the region. Together, they strengthen our hand for private sector development and reducing poverty in Asia.—AFP