TBILISI: Asian Development Bank proposes to establish multi-donor trust fund to reduce climate finance gaps in CAREC countries, Head of ADB Regional Cooperation for Central and West Asia Lyaziza Sabyrova said during a briefing within the ADB annual meeting in Tbilisi today, Trend reports.

‘The fund should address and reduce infrastructure and climate finance gaps in CAREC countries, as well as accelerate achievement of the Sustainable Development Goals (SDGs) and the Paris Climate Agreement,’ she explained.

According to her, the South Korea and ADB have already signed a letter of intent to contribute $3 million in grant resources.

‘The goal is to support the preparation of cost-effective regional projects related to climate and SDGs, by expanding capacity to include climate and other SDG-related aspects, to develop regional projects in traditional and emerging sectors, as well as cooperation in regional projects, including those related to trans-boundary climate impacts, and joint initiatives and programs
to reduce greenhouse gas (GHG) emissions and develop regional carbon trading,” the bank official added.

The meeting of the Board of Governors started today. The opening marks the official start of the annual meeting. It is attended by distinguished guest from the host country.

To note, the theme of the 57th Annual Meeting, to be held May 2-5, is Bridge to the Future.

The Annual Meeting is an opportunity for ADB Governors to address development issues and challenges facing the Asia-Pacific region. Several thousand participants regularly join the meeting, including finance ministers, central bank governors, senior government officials, representatives of the private sector, international and civil society organizations, youth, academia, and the media.

Source: Trend News Agency