PRC Poverty Reduction and Regional Cooperation Fund provides USD 750,000 for Strengthening the Regional Knowledge Sharing Initiative project

On November 21, 2023, the People's Republic of China (PRC) Poverty Reduction and Regional Cooperation Fund contributed USD 750,000 for Strengthening the Regional Knowledge Sharing Initiative project.

The Asia Development Bank (ADB)'s Technical Assistance Special Fund provided USD 400,000 to the project, bringing the total grant amount to USD 1.15 million. The proposal was first cleared on October 31, 2022.

It was approved by China's Ministry of Finance on October 9, 2023 and the grant was finally approved on November 21, 2023.

The purpose of the project is to further knowledge sharing through the Regional Knowledge Sharing Initiative (RKSI)—a development-knowledge sharing platform developed by the Chinese Ministry of Finance and the ADB to support knowledge-sharing among all developing member countries (DMCs).

Specifically, the project will identify, develop, create, and share knowledge activities (events, products, and solutions) in sectors consistent with ADB’s country partnership strategy (CPS) 2021–2025 for China. The expected completion date is November 30, 2026. As of December 5 2023, no funds have been disbursed.

The People's Republic of China (PRC) Poverty Reduction and Regional Cooperation Fund was jointly established by the Chinese Government and Asian Development Bank (ADB) on March 24, 2005. The China Ministry of Finance provides financing and ADB implements the projects.

The purpose of this special fund is to support the process of poverty reduction, regional cooperation and knowledge sharing for ADB developing member countries (DMCs) in the Asia-Pacific as well as Greater Mekong Subregion (GMS) and Central Asia Regional Economic Cooperation (CAREC) countries.