It will now be able to access the $10.3bn pledged to the GCF to invest in climate-related projects.

GCF supports climate mitigation and adaptation projects and programmes. It is a global fund backed by 194 governments created to support developing countries’ responses to climate change.

ADB general counsel Christopher Stephens said: “The [agreement] will open the way to deeper collaboration between our institutions.

“Working together with the GCF, we will build a robust pipeline of climate projects that support the development and climate objectives of our developing member countries.”

For the GCF, general counsel Raul Herrera said the Asia Pacific region was “the dynamo of global economic growth” and so “has a key role to play in tackling climate change”.

A July ADB report said climate change could reduce the region’s achievements over the past few decades in lifting large numbers of people out of poverty.