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The Asian Development Bank (ADB) has secured €50 million ($54.9 million) in funding from the European Union (EU) to support the Association of Southeast Asian Nations’ (ASEAN) Catalytic Green Finance Facility (ACGF).

The fund will be leveraged to provide ASEAN governments with technical assistance and loans to implement climate-friendly infrastructure projects.

The aim is to catalyse public and private financing for renewable energy and energy efficiency, sustainable urban transport, water supply and sanitation, and climate-resilient agriculture projects.

The EU will provide the funding via its Asia Investment Facility.

ADB’s Representative to Europe Mr. Robert Schoellhammer, said: “This commitment reflects the European Union and ADB’s deepening collaboration to help Southeast Asian countries achieve the United Nations’ Sustainable Development Goals.”

Mr. Anouj Mehta, ACGF Unit Head at ADB’s Southeast Asia Regional Department, said: “Our joint support through the ASEAN Catalytic Green Finance Facility will help ASEAN member states fight climate change; improve air, soil, and water quality; and improve environmental protection.”

Countries in Southeast Asia face an annual financing gap of over $100 billion to meet infrastructure needs, according to a statement.