On 20 April 2023, the Board approved ADB’s participation in the International Finance Facility for Education (IFFEd) and the establishment of the IFFEd Financing Partnership Facility and Trust Fund. The ADB–IFFEd partnership provides transformational education financing that benefits ADB developing member countries (DMCs) through an innovative mix of grants and guarantees, expanding ADB operations while leveraging capital to achieve its target for the education sector. Banking on the partnership with IFFEd, ADB aims to help mobilize more grant resources in the future from traditional and nontraditional sources for the benefit of the DMCs.