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Partnership Brief: Cofinancing with Luxembourg

Partnership Brief: Cofinancing with Luxembourg

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This partnership brief, compiled by the Asian Development Bank's Office of Cofinancing Operations, presents key details of ADB's cofinancing activities with Luxembourg.
This partnership brief, compiled by the Asian Development Bank's Office of Cofinancing Operations, presents key details of ADB's cofinancing activities with Luxembourg.

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Published by: Asian Development Bank on Aug 02, 2012
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02/11/2013

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Partnership Brief 
Cofinancing with Luxembourg 
 
3
 
Defining the Partnership
 6
 
Case Study: Rebuilding Cambodia’sFinancial Sector 
8
 
Highlights
 Tables
10
 
Direct Value-Added Cofinancing 
11
 
 Trust Fund Commitments
Contents
©2012 Asian Development Bank All rights reserved. Published 2012.Printed in the Philippines.The views expressed in this publication are those of the authors and donot necessarily reflect the views and policies of the Asian DevelopmentBank (ADB) or its Board of Governors or the governments they represent.ADB does not guarantee the accuracy of the data included in thispublication and accepts no responsibility for any consequence of their use.By making any designation of or reference to a particular territory orgeographic area, or by using the term “country” in this document, ADBdoes not intend to make any judgments as to the legal or other status ofany territory or area.ADB encourages printing or copying information exclusively forpersonal and noncommercial use with proper acknowledgment of ADB.Users are restricted from reselling, redistributing, or creating derivativeworks for commercial purposes without the express, written consentof ADB.Note:In this publication, “$” refers to US dollars.
 2 
 
uxembourg has become animportant partner to the Asian Development Bank (ADB) through its pioneeringcofinancing for finance sectordevelopment and its commitmentto mitigating climate change.This is evident in the country’ssteady support for the FinancialSector Development PartnershipFund, established in 2006 tostrengthen financial systems in Asia and the Pacific. Luxembourgalso participates in the Asia PacificCarbon Fund, an innovative partof ADB’s ongoing Carbon MarketProgram, which has helpedstimulate much-needed fundingin the early stages of projectsmitigating greenhouse gases.In 2000, Luxembourg becamepart of a select group of countriesthat contribute at least 0.7% of gross national income to officialdevelopment assistance. Indeed,in 2009 and 2010, it providedmore than 1%, making it one of the world’s most generous donors.Luxembourg’s assistance helps ADB work toward the goals of 
Strategy 2020,
which enshrinesfinance sector developmentand environment as two of five core operational areas,alongside infrastructure, regionalcooperation and integration,and education.Responsibility forLuxembourg’s developmentcooperation rests with thecountry’s Ministry of Foreign Affairs, which manages 80%–85%of the country’s developmentassistance. The Ministry of Financemanages about 11% and handlescooperation with the internationalfinancial institutions, including ADB, with the balance managedby other ministries.The Luxembourg Agency for Development Cooperation(Lux-Development),established in 1978, is the mainimplementing agency for officialdevelopment assistance.Luxembourg focuses onprojects in the areas of agricultureand food security; education,training, and professionalinsertion; environment andclimate change; finance;governance; health; humanitarianaid; integrated local development;and water and sanitation.
See page 8 for priority countries in Asia and highlights of assistance.See tables, pages 10–11, forcofinancing with ADB.
Building Financial Systems
Support for the Financial SectorDevelopment Partnership Fundis perhaps the most definingfeature of Luxembourg’spartnership with ADB. Set upin 2006 as a multi-donor trustfund, Luxembourg made its sixthcontribution in January 2012, fora total of $7.85 million since theestablishment of the fund.The fund is helping Asiandeveloping countries create crucialelements of nascent financialsystems—in everything fromenhancing policy and regulatory environments to improvingaccess to financial services forthe poor—with investmentsof more than $3.4 million inCambodia, Indonesia, Mongolia,and Viet Nam, and in tworegional projects.
Lxmborg i in  l grop of onri h onrib  l 0.7% of gro nionl inom o offiil dvlopmn in
  “ 
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