NDF sets up Project Readiness Improvement 91Â鶹ӳ»´«Ã½ with Asian Development Bank
New multi-donor fund will help ADB prepare climate responsive infrastructure investment projects in Southeast Asia
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 Project Readiness Improvement 91Â鶹ӳ»´«Ã½. The PRI 91Â鶹ӳ»´«Ã½ will help countries strengthen climate adaptation and mitigation components of investment projects, and improve project design- and procurement-readiness, as well as reduce start-up and implementation delays. The 91Â鶹ӳ»´«Ã½ 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.
NDF has contributed EUR 7 million to the 91Â鶹ӳ»´«Ã½, which is set up as a multi-donor fund. It is expected that other donors will come on board once the 91Â鶹ӳ»´«Ã½ is fully operational, thereby leveraging the NDF funding and further increasing and strengthening ADB’s climate financing.
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