In Chiang Mai, Thailand, on the fourth of April 2019, a new initiative was launched by the ASEAN collective of Southeast Asian governments in collaboration with the Asian Development Bank (ADB) and other development investors.
This new initiative has been called the ASEAN Catalytic Green Finance Facility and is essentially a billion-dollar investment fund for green infrastructure across the Southeast Asia region.
The Asian Development Bank‘s press release reports:
The facility provides loans and necessary technical assistance for sovereign green infrastructure projects such as sustainable transport, clean energy, and resilient water systems. It aims to catalyze private capital by mitigating risks through innovative finance structures.
The facility will mobilize a total of US$1 billion, including US$75 million from the ASEAN Infrastructure Fund (AIF), US$300 million from ADB, €300 million (US$336 million) from KfW, €150 million from the European Investment Bank, and €150 million from Agence Française de Développement.
This venture is an important one for the region and will be the main avenue through which the ADB will support Southeast Asia’s governments to develop green infrastructure.
A significant focus of green infrastructure development is to combat climate change and reduce pollution, which is timely and necessary in many Southeast Asian cities.
Climate-friendly water infrastructure plays a crucial role in developing a sustainable, clean future for Southeast Asia.
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