ASEAN Finance Ministers’ Meeting Highlights ADB’s Efforts in Establishing the ASEAN Catalytic Green Finance Facility
GMS in the News
The 6th ASEAN Finance Ministers and Central Bank Governors’ Meeting held virtually on 2 October acknowledged ADB’s efforts in operationalizing the ASEAN Catalytic Green Finance Facility (ACGF) as a platform for ASEAN green infrastructure under the ASEAN Infrastructure Fund (AIF). The ACGF is supported by seven cofinancing partners with $1.42 billion in commitments for sovereign loans and $13.1 million for technical assistance. The ACGF will support governments in Southeast Asia in preparing and financing infrastructure projects that promote environmental sustainability and contribute to climate change goals.
The AIF is a dedicated fund established by ASEAN member nations and ADB to address the ASEAN region's infrastructure development needs by mobilizing regional savings. It has helped finance several GMS projects, such as the Second GMS Corridor Towns Development Project and the GMS East–West Economic Corridor Eindu to Kawkareik Road Improvement Project.