Climate Investment Funds to Allocate US$800 Million for Asia
16 December 2009: Countries governing the Climate Investment Funds (CIF) have endorsed the use of a total of US$800 million from the CIF Clean Technology Fund (CTF) for a range of climate activities in the Philippines, Thailand and Viet Nam.
These activities include catalyzing private sector investments in energy efficiency and renewable energy through local banks, transmission system upgrades to reduce losses and support renewable energy development, and significant urban transport improvements, through the Asian Development Bank (ADB) and the World Bank Group. Altogether, the three national investment plans are anticipated to mobilize nearly US$10 billion in co-financing from government, private sector and other sources.
The three Asian Investment Plans bring the total of CTF-funded Investment Plans to nine. Investment Plans have already been endorsed for five other countries - Egypt, Mexico, Morocco, South Africa, and Turkey - which are in the process of development and implementation of projects. In addition, on 1 December 2009, the CTF Trust Fund Committee endorsed the first regional Investment Plan, a US$750 million Plan for scaling up Concentrated Solar Power in five countries in the Middle East and North Africa region. [CIF Press Release]