CONTEXT:

• Asian Development Bank (ADB) and the Multilateral Investment Guarantee Agency (MIGA), the political risk insurance arm of the World Bank Group, have agreed to expand Development Finance in Asia and Pacific to increase the flow of private sector investment.
• They signed a Cooperation Agreement which will be effective for 3 years from signing. It replaced previous agreement signed between them.
• This was signed in line with the 2030 Sustainable Development Goals(SDGs). iii. It will help to encourage more private investment in developing countries.