The Asian Development Bank (ADB) and Agence Francaise de Developpement (AFD) agreed on Friday to increase their co-financing commitment from 3 billion U.S. dollars in the past three years to 5 billion dollars in the next three years, allowing them to scale up their joint development efforts in the Asia and Pacific region.

Under the Partnership Framework Agreement (PFA) for 2016 to 2022 that ADB and AFD signed in October 2016, the Manila-based bank said the two institutions had agreed each dedicates 1.5 billion dollars in co-financing in the first three years of the six-year agreement.

ADB and AFD have now decided to increase the amount to 2.5 billion dollars each in the next three years, bringing their combined commitment to 5 billion dollars.

As part of the two institutions' renewed cooperation under the PFA, ADB and AFD also signed a memorandum of understanding (MOU) to extend their collaboration in urban transport through the "Mobilize Your City" (MYC) partnership.

ADB and AFD decided to join hands to expand the MYC partnership through the implementation of an MYC support program aimed at expanding the pipeline of "climate-smart" projects for sustainable urban mobility in Asia.