ADB to provide green financing

ISLAMABAD: The Asian Development Bank (ADB) has secured $108 million in funding from the Green Climate Fund (GCF) for its climate change projects, which will support the bank’s efforts to increase its climate financing for the Asia-Pacific region.



The new funding, comprising $71 million in grants and $37 million in concessionary loans, was approved during the 21st meeting of the GCF board from October 17-20 in Manama, Bahrain. It will provide co-financing support to three ADB-financed projects in Kiribati, Pakistan and Tonga, said a statement issued by the ADB on Monday.



“ADB has a bold plan that 75% of its projects will address climate mitigation and adaptation by 2030,” said ADB’s Sustainable Development and Climate Change Department Director General Woochong Um.  

Published in The Express Tribune, October 23^rd, 2018.

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