The Asian Development Bank (ADB), an international development finance institution based in Manila, the Philippines, is providing a USD 750,000 grant to the People’s Republic of China and Mongolia for technical assistance to develop the microinsurance sector in these countries. The grant will be used to study economic factors in these countries, address policy and regulatory issues and assist industry regulators to develop reforms as necessary. Deutsche Gesellschaft für Technische Zusammenarbeit (GTZ), a German government-owned development organization, will provide co-financing of USD 178,000.
The ADB will partner on the initiative with the Access to Insurance Initiative (A2II), a global program launched in 2009 with the International Association of Insurance Supervisors, the international standard-setting body for insurance regulation and supervision. The A2II’s objective is to connect development agencies and industry supervisors to expand access to insurance for low-income people worldwide. The ADB, GTZ and A2II will work in cooperation with the Chinese Insurance Regulatory Commission and Mongolia Financial Regulatory Commission.
The ADB reported a total capitalization of USD 56 billion as of December 31, 2009.
By Jennifer Shevock, Research Associate
About Asian Development Bank:
Established in 1966 and headquartered in Manila, the Philippines, the Asian Development Bank (ADB) is a regional development bank that consists of sixty-seven members, of which forty-eight are based in the region and nineteen are based outside the region. The ADB has three strategic agendas: to foster inclusive growth, to facilitate regional integration and to ensure environmentally sustainable growth. To accomplish these objectives, the ADB uses loans, technical assistance programs, grants and direct assistance in the form of equity investments, guarantees and credit to private companies in member countries. The ADB reported a total capitalization of USD 56 billion as of December 31, 2009.
Sources and Additional Resources:
“ADB Supports Microinsurance for Millions of Poor in PRC, Mongolia” August 31, 2010. http://www.adb.org/Media/Articles/2010/13313-east-asia-microinsurance-projects/
MICROCAPITAL BRIEF: “Asian Development Bank Pledges $72m in Assistance to Nepal to Expand Microfinance to Rural Areas” June 24, 2010. https://www.microcapital.org/microcapital-brief-asian-development-bank-pledges-72m-in-assistance-to-nepal-to-expand-microfinance-to-rural-areas/#more-5364
MicroCapital Universe: Asian Development Bank: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Asian+Development+Bank+(ADB)
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