The Asian Development Bank has signed an agreement with the World Economic Forum to accelerate the funding of sustainable infrastructure development projects in Southeast Asia.
ADB and WEF will accelerate the flow of private and public finance through the Association of Southeast Asian Nations (ASEAN).
ASEAN is owned by the Sustainable Development Investment Partnership to mobilise sustainable investments in emerging and developing economies.
The aim of the WEF-ADB agreement is to help countries in the region to achieve Sustainable Development Goals.
Justin Wood, WEF's Head of Regional Agenda Asia Pacific, said: “Under the agreement, ADB and the Forum will support the ASEAN Hub’s efforts to develop a strategy and a list of activities, including knowledge sharing among public and private sectors and policy proposals for areas needing development finance. Supporting local decision making with global best practices is key to boosting the flow of capital into investments that advance sustainable development, including important infrastructure projects.
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“The ADB–World Economic Forum agreement will allow SDIP’s ASEAN Hub to expand its capacity to work with diverse stakeholders, including international financiers, development finance institutions, private funds, and governments, to create the conditions for increasing and accelerating sustainable investments in ASEAN.”
ADB Director General for Southeast Asia Mr Ramesh Subramaniam, said: “As Southeast Asia faces a huge financing gap in sustainable infrastructure, it is vital to expand the use of private capital funds, which can also bring advanced technologies and management efficiencies to development financing.
“In particular, we need to accelerate the use of public and private financing to build climate-resilient infrastructure and provide equitably and environmentally and financially sustainable growth that the region needs.”