April 4, 2019 / 11:54 AM / 2 months ago

Southeast Asia launches $1-billion facility for green infrastructure

FILE PHOTO:President of the Asian Development Bank Takehiko Nakao arrives for the sixth Mekong Greater Sub-Region Summit (GMS-6) in the National Convention Center (NCC) in Hanoi, Vietnam 31 March 2018. Minh Hoang/Pool via REUTERS

CHIANG RAI, Thailand (Reuters) - The Association of Southeast Asian Nations (ASEAN), the Asian Development Bank (ADB) and major financiers on Thursday launched a facility to spur more than $1 billion in green infrastructure investments across Southeast Asia.

The facility offers loans and technical assistance for sovereign projects in areas such as sustainable transport and clean energy, the ADB said during the meetings of ASEAN’s finance ministers and central bank governors.

“Through the ASEAN Catalytic Green Finance Facility, ADB will support ASEAN governments in developing green and climate-friendly infrastructure projects,” ADB President Takehiko Nakao said in a statement.

It will mobilize a total of $1 billion, including $75 million from the ASEAN Infrastructure Fund (AIF), $300 million from the ADB, $336 million from KfW, 150 million euros from the European Investment Bank, and 150 million euros from Agence Francaise de Developpement.

It is part of a new “Green and Inclusive Infrastructure Window” under the AlF, a regional financing initiative established by ASEAN governments and the ADB in 2011.

Since then, the AlF has committed $520 million for regional energy, transport, water and urban infrastructure projects.

ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

Reporting by Orathai Sriring and Satawasin Staporncharnchai; Editing by Clarence Fernandez

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