MANILA, Nov. 25 (Xinhuanet) -- The Asian Development Bank (ADB) and Thailand have agreed to work on a framework of cooperation which will allow the two sides to work together in some priority areas such as infrastructure and financing, said ADB on Friday.

    ADB said in a news release that ADB President Haruhiko Kuroda met with Thai Prime Minister Thaksin Shinawatra and senior government ministers and officials during a visit to Bangkok to discuss such a framework, which is expected to be finalized early next year.

    "The partnership framework outlines how ADB can work with Thailand in its national development program and partner with the country as an emerging regional donor," ADB quoted Kuroda as saying.

    He explained that ADB would be willing to support important infrastructure investments the Thai government is planning, such as a four-year "megaprojects program", and further deepening of the Thai capital market that will enable the country to mobilize capital resources for its infrastructure development.

    "Progress in both areas is key to enhancing Thailand's competitiveness in the globalized economy and maintaining robust economic growth over the long term," he said. "In both areas, ADB is strongly committed to supporting Thailand through technical assistance as well as financial products, combining both public and private sector programs."

    The ADB chief said his institution has been transforming itself into one that can better respond to the new development needs of countries such as Thailand, including offering a competitive source of long-term financing and reduced transaction costs while increasing its flexibility and efficiency.

    ADB said it is exploring alternative operations and financing models for infrastructure development, and encouraging private sector participation.

    Thailand has played a key role in regional and subregional cooperation initiatives, particularly in the Greater Mekong Subregion (GMS) program.

    Kuroda also recognized and appreciated Thailand's contributions to the GMS program, and said he looks forward to continuing to partner with Thailand in the area of regional cooperation and integration.

    ADB has provided Thailand with 84 loans totaling 5.4 billion US dollars in various sectors including energy, transport and communications, social infrastructure, agriculture and natural resources and finance.

    The two sides have been recently collaborating on developing the country's domestic capital market and bond market. ADB issued in May its debut Thai baht bonds in the country's domestic capital market.

    ADB has also approved this year a total of 2 million US dollars of grant assistance for a comprehensive development plan of the regions of Thailand badly hit by the tsunami disaster of December 2004. Enditem