On July 22, the Asian Development Bank (ADB) announced a partnership with the Green Climate Fund (GCF) to assist members hard hit by COVID-19. ADB President Masatsugu Asakawa and GCF Executive Director Yannick Glemarec met to identify opportunities to help ADB members confronting the pandemic crisis achieve low-carbon and climate-resilient recoveries. They agreed to build up collaboration and make sure that GCF’s processes would be flexible to promote at-scale financing.
ADB is becoming the fourth largest accredited entity of the GCF since USD 473 million was approved for 10 of their projects. ADB is a regional development bank established in 1966. Consisting of 68 members, it is committed to achieving a resilient and sustainable Asia and Pacific. ADB has supported developing members to deal with challenges posed by the pandemic and has approved a USD 20 billion recovery package in April.