The Asian Development Bank (ADB) and Ayala Corp. have signed a $100-million financing deal to support the company’s efforts to develop an electric mobility (e-mobility) ecosystem in the Philippines.
In a statement, ADB Country Director for the Philippines Pavit Ramachandran said the project is a “significant step towards a sustainable and low-carbon future for the Philippines.”
“We are not only addressing critical environmental challenges such as air pollution, but also driving economic growth through the creation of green jobs, enhancing energy security, and promoting inclusive and resilient urban development,” he said.
The Ayala Electric Mobility Ecosystem Project has secured an $85-million ordinary-capital-resources loan from the ADB and a $15-million concessional loan from the Canadian Climate and Nature Fund for the Private Sector in Asia (CANPA).
CANPA is a trust fund managed by ADB that is supported by the government of Canada. It aims to support private sector projects in the region that focus on “climate and nature-based solutions.”
*This excerpt is from a news item collated by SIPET as part of its mission to serve as a one-stop platform for information and knowledge exchange about the energy transition in Southeast Asia. For the full news item, click on the link next to 'Further Information' .
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