Member's Documents
Corporate Evaluation on ADB-Administered Trust Funds and Other Cofinancing, 2015–2024
Published by: Independent Evaluation Department, Asian Development Bank
Over the past decade, the Asian Development Bank (ADB) has worked with partners to channel $14.7 billion through trust funds and other cofinancing arrangements, where ADB has an administration role. Between 2015 and 2024, ADB administered 61 trust funds and partnered in 9 global funds, alongside project-specific cofinancing.
This corporate evaluation points out the critical role of trust funds and cofinancing mechanisms in leveraging resources for Asia and the Pacific and identifies several reforms to ensure they remain fit for purpose in an increasingly complex aid environment. Findings indicate that trust funds and cofinancing are strategically relevant and add value, particularly in fostering innovation and addressing climate priorities. These funds serve as donor platforms to channel resources to developing member countries, have added significant value, enabling innovation, piloting new approaches, and scaling up successful models. When applied as blended finance for nonsovereign operations, trust funds help mitigate investment risks and enhance project bankability in high-risk markets.
However, challenges remain: an outdated strategy, fragmented coordination, weak monitoring and evaluation systems, and institutional inefficiencies hinder optimal delivery and make it harder to track results and share lessons.
The report calls for bold action to make these partnerships even more effective. Recommendations include creating a clearer strategy for cofinancing, improving leadership and coordination, professionalizing trust fund management, and upgrading monitoring, reporting and IT systems. Streamlining blended finance processes will also help ADB mobilize more private capital for high-impact projects. With these reforms, trust funds and cofinancing can continue to unlock resources and innovation—helping ADB and its partners deliver transformative development outcomes for millions of people across the region.
Additional Documents
Corporate Evaluation on ADB-Administered Trust Funds and Other Cofinancing, 2015–2024 Management Response
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