The United States Agency for International Development (USAID) launched a partnership with the Asian Development Bank (ADB) to accelerate the transition to a more sustainable, secure, and market-driven energy sector in Asia and the Pacific.
USAID Asia Bureau Acting Assistant Administrator Ms. Gloria Steele and Director General of ADB’s Strategy, Policy, and Review Department Mr. Tomoyuki Kimura signed the partnership agreement at the Asia Clean Energy Forum (ACEF) being held at ADB headquarters.
Under the framework of this agreement, USAID and ADB will work to mobilize $7 billion of investment for energy projects in Asia and the Pacific, boost the capacity of clean energy systems by 6 gigawatts, and increase regional energy trade by 10% over the next five years. This agreement will promote energy efficiency, energy sector reform, and good governance of Asia and the Pacific’s energy sector.
This new partnership follows decades of USAID–ADB development collaboration and comes as the U.S. government next month marks the one-year anniversary of Asia Enhancing Development and Growth through Energy (Asia EDGE), one of the key initiatives contributing to the U.S. government’s Indo-Pacific vision.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. In 2018, it made commitments of new loans and grants amounting to $21.6 billion. Established in 1966, it is owned by 68 members—49 from the region.
Source: Company Press Release