ADB partners pledge US$665m for infrastructure fund

Asian Development Bank (ADB) partners have committed to spending US$665 million in support of climate-resilient infrastructure projects in Southeast Asia.

The funds are expected to serve as a contribution towards the planned US$7 billion financing for low-carbon and climate-resilient infrastructure projects in the region, ADB said in a press release on Tuesday.

The planned funding was made public during the 26th United Nations Climate Change Conference in Glasgow, Scotland. It will involve US$151 million from the government of the United Kingdom and US$155 million from Italian state lender Cassa Depositi e Prestiti.

After that, another US$300 million will be funded via the Green Climate Fund, while an estimated US$58 million will come from the European Union.

These alliances are part of a recently-formed green recovery platform supporting the Association of Southeast Asian Nations (ASEAN) catalytic green finance facility which was set up by the ASEAN Infrastructure Fund and put under the management of the ADB.

This latest addition brings the total co-financing pledges committed to the facility since 2019 to US$1.4 billion. “ASEAN countries have a unique opportunity to build a green and inclusive future after the COVID-19 pandemic,” ADB President Masatsugu Asakawa said.