It proposes a new kind of SDG bond, the SDG Accelerator Bond, which could help countries reduce the perceived investment risk posed by an issuing entity, sector, or project with no track record on bond issuance.
“The COVID-19 pandemic has slowed down the momentum for sustainable and equitable growth in most of developing Asia and many countries are at risk of not meeting their SDG targets in climate resilience, gender equality, and human development,” said ADB Vice-President Ahmed M.
The SDG Accelerator Bond builds on global best practices in project finance and aims to standardize the risk–return structure to ensure investor appetite and help local governments and new state-owned entities access funds.
Established in 2019, the ACGF is an ASEAN Infrastructure Fund initiative.
With $1.7 billion in cofinancing pledged so far, the ACGF is funding the financial design of more than 25 projects.
Tackling climate change, building climate and disaster resilience, and enhancing environmental sustainability is a priority in ADB’s Strategy 2030.
The World Bank approved this Wednesday new financing to support Côte d’Ivoire to strengthen the competitiveness of export-oriented agro-industrial and manufacturing value, a key objective of the government’s Vision 2030.
Through the establishment of a Long-Term Investment Facility , the project will also improve access to financing for at least 200 startups and young SMEs – including those led by women – and 30 large enterprises involved in green investments.
While China’s financial sector has deepened rapidly in recent years, privately-owned firms and small and medium enterprises often lack access to equity to finance their expansion.
“Public capital is at times needed to catalyze private investments, for example where public seed capital can help demonstrate new environmental standards or demonstrate high-risk high-reward investments that help create global public goods.
The Fund will be independently managed by a competitively selected fund manager, responsible for all investment decisions.
The World Bank Group, the largest multilateral funder of climate investments in developing countries, has not financed a new coal-fired power plant since 2010 and has no active coal-fired power generation in its pipeline.
The Higher Education Acceleration Transformation Project—the first World Bank-supported regional education project in South Asia—will support regional collaboration in the higher education sector, including student mobility through equivalence programs, credit transfer schemes, and university twinning arrangements within the region.
The project will support pandemic and emergency response and build systemic resilience in the higher education sector with a specific focus on digitization.
“For our collective future, higher education is a necessity, not a choice.
It will establish a South Asian Higher Education Portal, hosted in Bangladesh, to facilitate the ‘virtual mobility’ of students, by allowing students from the registered universities to take courses for credit outside their home country.
South Asia region has the second-lowest female labor force participation rate globally.
“The regional project will prepare the students, particularly the female students for working in leadership and decision-making positions,” said Henry Kerali, World Bank Country Director for Afghanistan.
“The project will help meet the increasing demand for quality higher education in South Asia.
The credit is from the World Bank’s International Development Association , and has a 30-year term, including a five-year grace period.
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