The European Investment Bank (EIB) will invest EUR 150m in the Catalytic Green Finance Facility (ACGF) established by Association of Southeast Asian Nations` (ASEAN) to accelerate the development of green infrastructure projects and crowd-in much needed private investments in the sector.
With the investment, the EU`s Climate Bank continues to support the development of transport, energy and water schemes in South East Asia.
In line with its role as the EU`s Climate bank and its focus on climate action in Asia, the EIB support for ACGF will also improve environmental sustainability and climate resilience of ASEAN member countries, jointly the seventh-largest economy in the world, and advance global climate action.
“The EIB is ready to support ASEAN attract funding for green infrastructure as it is a true win-win partnership for South East Asia, the European Union and the whole world. Our cooperation will benefit the people and economies of the ASEAN, support local communities by making them more climate-resilient and aid the global effort to combat climate change. Partnerships like this one with ASEAN are the only way to ensure success of the global climate action and preserve our planet for future generations,” said Luca Lazzaroli, Director General of the EIB.
The investment from the EU Bank will also support ASEAN meet its own climate action goals and attract much needed private funding for its green infrastructure projects in sectors like energy, transport, water and urban development.
The EIB financed 32 projects in the ASEAN Region, investing EUR 1.8bn and mobilizing investments of up to EUR 10.7bn in key sectors including rural development, transportation, energy and renewable energy, water and waste management, as well as support to Small and Medium Enterprises (SMEs).
Original source: EIB
Published on 14 February 2020
