(MENAFN- Trend News Agency)
BAKU, Azerbaijan, December 15. The Asian
Development bank (ADB) has allocated technical assistance for the
project "Enhancing Outcomes of the Nature Solutions Finance Hub
(NSFH) for Asia and the Pacific," engaging Uzbekistan, Trend
reports via ADB statement.
The projects will also be implemented in Bhutan, Mongolia, the
Philippines, Papua New Guinea, and Thailand.
According to the statement, the main objectives include
mobilizing financing, developing institutional capacity, and
engaging the private sector.
"The TA will enhance the outcomes of the NSFH. The NSFH will
scale up support on nature-based solutions (NBS) as well as
nature-positive investments. The TA will also help developing
member countries (DMCs) strengthen their institutional capacity,
including policies, knowledge, and expertise required to address
challenges," emphasized ADB.
The key goals and objectives include increasing investments in
NBS projects, strengthening national and regional policies, and
creating tools to attract private capital.
"The TA financing amount is $5.44 million, with funds coming
from various sources, including ADB, Agence Française de
Développement (AFD), the Green Climate Fund, and others. The
program will be implemented through grants and partnership
funding," the statement said.
Key areas of work include preparing six pre-project studies for
NBS projects, establishing an incubator for issuing 'nature bonds',
and organizing training and knowledge exchanges for governments and
stakeholders.
By 2028, key outcomes include attracting $1 billion in
investments for NBS, of which 15% will come from private capital,
and developing sustainable financing models for NBS projects.
"A decision has been made to allocate and administer funds from
various donors, including the OPEC Fund, AFD, and others," the bank
stressed.
MENAFN15122024000187011040ID1108995298
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.