SEOUL – The Asian Development Bank announced a new programme for financing efforts to counter climate change, stepping up its attempt to back one of its main focuses in the region.
“The region needs trillions in investment to combat climate change,” the ADB chief said. “To help reach that level, we need to maximise our capital in new ways. The IF-CAP will multiply ADB’s lending capacity through leverage.” This would make it possible to take climate action across sectors and regions, he added.
The new programme will make use of a leverage mechanism to fund a greater amount of loans than was previously possible. In the past, US$1 of guarantees generated US$1 of loans, but the ADB’s lending capacity could be increased by fivefold, according to the development bank. Mr Asakawa, who took the helm of ADB after serving as Japan’s top currency official, was considered by some economists to be a contender for Bank of Japan governor a few months ago.
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