NDF sets up Project Readiness Improvement Fund 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 Fund. The PRI Fund 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 Fund 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 Fund, which is set up as a multi-donor fund. It is expected that other donors will come on board once the Fund is fully operational, thereby leveraging the NDF funding and further increasing and strengthening ADB’s climate financing.
More information:
ADB's Project Readiness Improvement Trust Fund
ADB's Funds page
