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Overview

China Poverty Reduction and Regional Cooperation Fund provides 500,000 USD for development of Green Local Currency Bonds in ASEAN countries

Commitments (Constant USD, 2023)$515,867
Commitment Year•2020Country of Activity•Asia, regionalDirect Recipient Country of Incorporation•PhilippinesSector•General Environmental ProtectionFlow Type•Free-standing technical assistance

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Mar 4, 2020

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

State-owned Funds

  • People's Republic of China Poverty Reduction and Regional Cooperation Fund

Receiving agencies

Intergovernmental Organizations

  • Asian Development Bank (ADB)

Implementing agencies

Intergovernmental Organizations

  • Association of Southeast Asian Nations (ASEAN)

Loan desecription

China Poverty Reduction and Regional Cooperation Fund provides 500,000 USD for development of Green Local Currency Bonds in ASEAN countries

Narrative

Full Description

Project narrative

On March 4, 2020, the Asian Development Bank's plan of the Green Local Currency Bonds project was approved. This project was financed by 500,000 USD from the China Poverty Reduction and Regional Cooperation Fund. The purpose of this project is to provide regional technical assistance for the policy makers of the Association of Southeast Asian Nations (ASEAN) as well as the People's Republic of China, Japan, and the Republic of Korea (collectively known as ASEAN+3) on the development of green local currency denominated bonds for infrastructure development in ASEAN+3. The proposed TA is designed to support the creation of necessary ecosystems to develop green local currency financing in the region based on the assessment and recommendations of the study on 'Promoting Green Local Currency Bonds for Infrastructure Development in ASEAN+3_ which was submitted to and appreciated by the ASEAN+3 Finance Ministers and Central Bank Governors at their 21st meeting in Manila, the Philippines.