Brunei signed a memorandum of understanding (MoU) with Asian Development Bank (ADB) to pave the 

way for the country's classification as a graduated developing member country, a local news daily reported Friday.

According to ADB, the Manila-based lender said it will support the country's efforts in various sectors including knowledge creation, capacity development, education, private sector development, diversification of exports, improvement of investment climate, environmental protection and regional economic cooperation.

ADB President Takehiko Nakao commended Brunei for being open to economic cooperation in Southeast Asia and promoting the development of private sector including financial services and small and medium enterprises (SMEs).

The MoU signed Thursday also stresses ADB's support for the government's strategic development plan, Wawasan or Vision 2035.

According to ADB, Brunei's gross domestic product is expected to increase by 1 percent this year and accelerate by 2.5 percent in 2017 if global demand and prices for oil and gas exports recover.

"Private consumption grew solidly in 2015 at 5.2 percent and is expected to expand further as economic growth picks up," said ADB.

Source : XINHUA