The Asian Development Bank (ADB) and the Multilateral Investment Guarantee Agency (MIGA), a member of World Bank Group, signed an agreement on Thursday to cooperate more closely to increase the flow of private sector investment into emerging economies in Asia and the Pacific region.

The Manila-based bank said in a statement that the cooperation agreement "envisages greater use of their respective financial products in joint projects" in line with ADB's 2030 development goals.

"This agreement will enable both organizations to leverage additional private capital for development purposes," ADB Vice-President for Private Sector Operations and Public-Private Partnerships Diwakar Gupta said.

ADB said the agreement, which replaces a previous agreement and will be effective for three years from signing, lays out a commitment to stronger collaboration on identifying new projects, while deepening ties between the two institutions and potential private sector investors.

The agreement further calls for greater coordination on all stages of a project, from consultations and marketing, to underwriting and implementation, ADB added.