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ADB grants $15-million climate assistance to poor Asian countries

Business

ADB grants $15-million climate assistance to poor Asian countries

Manila-based Asian Development Bank (ADB) has approved a $14.8 million (P856.8 million) technical assistance grant to boost climate action, drive innovation, and enhance private sector growth in its regional projects.

ADB, in its Dec. 5 statement, said the assistance will support initiatives in various sectors to address critical challenges and opportunities in Asia and the Pacific, including the Philippines.
Navin Twarakavi, ADB senior sector planning specialist, said that this assistance aims to “help ADB’s developing member countries to meet critical priorities relating to climate change, private capital mobilization and drive innovative and impactful project designs.”

The support will continue until December 2029, “with outputs including new knowledge products, pre-feasibility studies for sustainable projects, and workshops to promote awareness and collaboration across sectors.”
The multilateral bank added that this assistance will be crucial in developing “high-quality, bankable projects that align with ADB's enhanced financial capacity.”

Twarakavi noted that the project focuses on providing policy advice, capacity building, and research while encouraging private investment and innovative solutions for sustainable growth.

It will also focus on addressing key issues, including climate resilience, sustainable infrastructure, and gender-responsive development through regional cooperation and capacity building.

“ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific while sustaining its efforts to eradicate extreme poverty,” it said.

Related Tags

climate finance Asian Development Bank (ADB)

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