JAKARTA: The Asian Development Bank (ADB) has granted a loan of $150 million to finance a facility that can help Indonesia's economic recovery.
According to local media reports, the Sustainable Development Goals Indonesia One-Green Finance Facility (SIO-GFF) will help Indonesia achieve the Sustainable Development Goals (SDGs) by catalysing public and private funding to promote green and viable infrastructure projects. The SIO-GFF, which is the first of its kind in Southeast Asia, aspires to fund at least ten projects, with a minimum of 70% of funding going to green infrastructure and the remainder to the SDGs.
According to Anouj Mehta, head of the ADB's Green and Innovative Financing Unit for Southeast Asia, who said on Wednesday that this facility will increase sustainable infrastructure development and accelerate Indonesia's recovery from the Covid-19 pandemic by raising capital and creating jobs.
As per ADB Senior Financial Sector Specialist Benita Ainabe, the SIO-GFF will assist Indonesia focus on climate-resilient infrastructure while it recovers from the Covid-19 pandemic with an unique financing model that includes global green standards. "We intend to expand this approach to other nations in the area based on our experience in Indonesia," she added.
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