NDF grant launches ADB climate fund
A new multi-donor fund, developed by the Nordic Development Fund (NDF) and the Asian Development Bank (ADB), aims to help ADB prepare climate responsive infrastructure investment projects in Southeast Asia.
NDF’s contribution of EUR 7 million formally sets up the Project Readiness Improvement Fund. It is expected that other donors will come on board once the fund is fully operational, thereby leveraging the NDF funding and further increasing and strengthening ADB’s climate financing.
During a visit to the ADB, NDF Vice President and Deputy Managing Director, Leena Klossner, and ADB Director General for the Southeast Asia Department, James Nugent, inaugurated the new fund. The fund supports ADB’s commitment to double the bank’s climate financing from USD 3 billion to USD 6 billion by 2020, improve the developing member countries’ access to global climate change funds, and contribute to the achievement of their Intended Nationally Determined Contributions.
The idea is that the Project Readiness Improvement Fund will help countries strengthen the climate adaptation and mitigation components of investment projects.