It is owned by the Asian Development Bank (ADB) and the Private Infrastructure Development Group (PIDG). Occurred Memorandum of Understanding for cooperation in the early stages of private sector infrastructure investments in Asia and the Pacific.
Early-stage projects are characterized by significant risks, upfront costs, and the time it takes to prepare projects to advance them to a stage that will attract commercial sponsors and financing.
ADB and PIDG will explore potential partnerships to develop and finance sustainable infrastructure projects that address climate change and contribute to sustainable development and poverty reduction in ADB’s developing member countries.
“The Asia-Pacific region faces a multibillion-dollar climate investment gap, and the private sector is essential to bridge these gaps through project development and financing activities,” said Susan Gabouri, Director General of Private Sector Operations at the Asian Development Bank.
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“This partnership with PIDG will be the bridge that can help mobilize private capital in Asia Pacific.”
It is estimated that the region needs about US$1.7 trillion annually, from 2016 to 2030, to meet demand for infrastructure while maintaining growth momentum, eradicating poverty and tackling climate change. The public sector cannot meet the growing demand for financing.
This corporate collaboration will explore potential associations for creating, developing and financing sustainable infrastructure projects. It may also include individual country facilities for credit enhancement instruments to support related infrastructure projects.
“Accelerating the development and financing of sustainable, climate-resilient infrastructure is essential to meet the urgent needs of developing and emerging economies and to achieve global climate goals,” said Philippe Fallaho, PIDG Executive Director.
The necessary changes require innovative partnerships with a strong regional focus. It is exciting for us to leverage our existing relationship with the Asian Development Bank to help bridge the gap between public and private support in developing early-stage infrastructure projects.”
PIDG is an infrastructure developer and investor, working to mobilize the private sector in Africa and Asia for climate resilience and sustainable growth. PIDG works throughout the project life cycle, developing innovative solutions with public and private partners to reduce project risks, promote sustainable development, and combat poverty.
PIDG is funded by the governments of the United Kingdom, the Netherlands, Switzerland, Australia, Sweden and Germany and the International Finance Corporation.
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