Press release|10 February 2020
BRUSSELS, BELGIUM (10 February 2020)– The European Union (EU) revealed today it is preparing to support the Association of Southeast Asian Nations’ (ASEAN) Catalytic Green Financing Center (ACGF) with EUR50 million ($54.9 million) to help governments prepare and catalyze public and private funding for climate-friendly infrastructure jobs across Southeast Asia.Launched in April 2019 and managed by the Asian Advancement Bank (ADB), the facility offers ASEAN federal governments with technical help and much easier access to sovereign loans to finance infrastructure jobs concentrating on renewable energy and energy performance, sustainable city transportation, water supply and sanitation, and climate-resilient agriculture.The EU infusion will come out of its Asia Financial investment Facility, according to EU Commissioner for International Collaborations Ms. Jutta Urpilainen, who made the statement during the ASEAN– EU Dialogue on Sustainable Development together with ADB’s Agent to Europe Mr. Robert Schoellhammer.”This dedication reflects the European Union and ADB’s deepening partnership to assist Southeast Asian nations accomplish the United Nations’Sustainable Advancement Objectives, “stated Mr. Schoellhammer.Mr. Anouj Mehta, ACGF Unit Head at ADB’s Southeast Asia Regional Department, stated:”Our joint support through the ASEAN Catalytic Green Finance Facility will assist
ASEAN member states battle climate change; improve air, soil, and water quality; and enhance environmental protection.”Southeast Asian nations deal with an annual financing space of over$100 billion to meet its facilities requires. ACGF belongs to the ASEAN Infrastructure Fund and is owned by ASEAN’s 10 member states
and ADB. In addition to ADB and the EU, cofinancing partners for the facility consist of Agence Française de Développement, the European Financial Investment Bank, German advancement cooperation through KFW, and the Government of the Republic of Korea. The first ACGF-supported project is expected to be authorized later this year.ADB is devoted to attaining a prosperous, inclusive, durable, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme hardship. Developed in 1966, it is owned by 68 members– 49 from the region.Countries Subjects Source