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Add to Preferred SourcesThe European Union (EU) announced it is preparing to support the Association of Southeast Asian Nations’ (ASEAN) Catalytic Green Finance Facility (ACGF) with €50 million ($54.9 million) to help governments prepare and catalyze public and private financing for climate-friendly infrastructure projects across Southeast Asia.
Launched in April 2019 and managed by the Asian Development Bank (ADB), the facility provides ASEAN governments with technical assistance and easier access to sovereign loans to finance infrastructure projects focusing on renewable energy and energy efficiency, sustainable urban transport, water supply and sanitation, and climate-resilient agriculture.
Mr. Anouj Mehta, ACGF Unit Head at ADB’s Southeast Asia Regional Department, said: “Our joint support through the ASEAN Catalytic Green Finance Facility will help ASEAN member states fight climate change; improve air, soil, and water quality; and improve environmental protection.”
Southeast Asian countries face an annual financing gap of over $100 billion to meet its infrastructure needs. ACGF is part of the ASEAN Infrastructure Fund and is owned by ASEAN’s 10 member states and ADB. In addition to ADB and the EU, co-financing partners for the facility include Agence Française de Développement, the European Investment Bank, German development cooperation through KFW, and the Government of the Republic of Korea. The first ACGF-supported project is expected to be approved later this year.
Original source: ADB
Published on 10 February 2020