JEJU, South Korea, May 16 (Xinhuanet) -- The Asian Development Bank (ADB) and the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) signed here Sunday a memorandumof understanding (MOU) on future cooperation between the two organizations.

    The MOU was signed by ADB President Tadao Chino and Kim Hak-Su,Executive Secretary of UNESCAP at the 37th annual meeting of the ADB Board of Governors.

    The MOU was a follow-up on commitments made by the two organizations at the International Conference on Financing for Development held in Monterrey, Mexico, and the World Summit on Sustainable Development held in Johannesburg, South Africa.

    It reflects the commitment of each organization to support achievement of the Millennium Development Goals in Asia and the Pacific, halving the absolute poverty by 2015.

    Chino expressed satisfaction with the new agreement which emphasizes regional cooperation and poverty reduction. "Two thirdsof the world's poor live in the Asia and Pacific region and it is essential that ADB and UNESCAP work together to achieve the Millennium Development Goals," he said.

    He believed that the agreement can be a model for inter-agency cooperation.

    Kim said, "Given the magnitude of the development challenges faced in the Asia and Pacific region, regional organizations must work together more closely and focus on results."

    "It is essential that these two major organizations lead the way in producing results for the benefit of the people in the region," said Kim. Enditem