April 5 (Renewables Now) - The government of certain Southeast Asian nations, the Asian Development Bank (ADB) and major development financiers launched on Thursday a new initiative that aims to spur over USD 1 billion (EUR 891m) in green infrastructure investments.
The so-called ASEAN Catalytic Green Finance Facility will provide loans and the needed technical assistance for sovereign green infrastructure projects in Southeast Asia in the fields of sustainable transport, clean energy and resilient water systems.
ADB said in a statement it is contributing USD 300 million to the facility, while USD 75 million comes from the ASEAN Infrastructure Fund (AIF), EUR 300 million (USD 337m) from German state-owned development bank KfW, EUR 150 million from the European Investment Bank (EIB) and a further EUR 150 million from the French Development Agency (AFD). At the same time, the Overseas Private Investment Corporation has shown interest in potential financing for emerging projects.
The initiative is part of a new “Green and Inclusive Infrastructure Window” under the AIF, the announcement says.
(USD 1.0 = EUR 0.891)