In October 2021, ADB signed a memorandum of understanding (MOU) with the Cassa Depositi e Prestiti S.p.A (CDP), Italy’s financial institution for development cooperation entrusted to support initiatives promoting sustainable and inclusive development. The MOU sets the strategic guidelines for ADB and the CDP to collaborate in the cofinancing, knowledge, and capacity building to support ASEAN governments in promoting green and sustainable infrastructure. The MOU also indicates CDP’s interest in supporting the ASEAN Catalytic Green Finance Facility (ACGF) and an indicative contribution of €132 million ($155 million) to cofinance projects supported by the ACGF through loans and/or third-party grants to relevant governments.
Nonsovereign cofinancing. The Trade and Supply Chain Finance Program (TSCFP) supported over 730 transactions valued at $381.8 million with banks domiciled in Italy from inception to December 2022. During the same period, the TSCFP supported over 420 Italian exports and/or imports valued at $413.2 million. In 2022 alone, the TSCFP supported 88 transactions valued at $88.6 million with banks domiciled in Italy and supported 58 Italian exports and/or imports valued at $22.5 million. Exports and/or imports were mainly to/from Bangladesh, Pakistan, and Viet Nam. Underlying goods involved mostly industrial machinery and capital goods, food and agriculture-related goods, as well as raw and non-energy commodities.
Special funds. Italy contributes to ADB special funds where contributions from financing partners are administered with the same level of care as ADB’s own resources. Since becoming a member in 1966, Italy has committed a total of $1.3 billion to special funds, of which $1.2 billion went to the Asian Development Fund (ADF). The ADF provides grants to ADB’s low-income developing member countries to promote poverty reduction and improvements in the quality of life.
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Partners Pledge $665 Million to Support Green Recovery in ASEAN
The Government of the United Kingdom, Italian state lender Cassa Depositi e Prestiti, the European Union, and the Green Climate Fund have collectively pledged $665 million toward a platform managed by ADB that aims to mobilize an additional $7 billion for low-carbon and climate-resilient infrastructure projects in Southeast Asia and accelerate the region’s recovery from COVID-19.
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Q&A: Anouj Mehta on the ASEAN Green Recovery Platform
The COVID-19 pandemic has significantly constrained the resources and capacity of Southeast Asian countries to combat climate change. To address this challenge, four cofinancing partners have pledged a total of $665 million to support green recovery through the Association of Southeast Asian Nations Green Recovery Platform, which is linked to the ASEAN Catalytic Green Finance Facility.