$150 Million Asian Development Bank Loan to Support Green Recovery, Catalyze Financing Toward SDGs in Indonesia
The Asian Development Bank (ADB) has approved a $150 million loan to support a facility aimed at accelerating Indonesia’s economic recovery from the coronavirus disease (COVID-19) pandemic and catalyzing public and private funds to support green and bankable infrastructure projects to help the country reach the United Nations’ Sustainable Development Goals (SDGs).
The Sustainable Development Goals Indonesia One–Green Finance Facility (SIO-GFF), the first of its kind in Southeast Asia, aims to finance at least 10 projects, with at least 70% of the financing supporting green infrastructure and the rest supporting the SDGs. The facility will design bankable projects to attract funding to supplement public expenditure, including from private, institutional, and commercial sources.
“The SIO-GFF aims to catalyze up to 8 times the funds invested to support climate-friendly infrastructure and help Indonesia make progress toward the SDGs,” said Unit Head of ADB’s Green and Innovative Finance for Southeast Asia and Country Director for Thailand Anouj Mehta. “It will boost the development of sustainable infrastructure and accelerate the country’s recovery from the COVID-19 pandemic by crowding in capital and creating jobs.”
Photo courtesy of Richard Schneider.