ADB Initiatives Get Funding

Spain has allocated an additional $10m in funding to the development of two water management initiatives administered by the Asian Development Bank (ADB).

The Water Financing Partnership Facility (WFPF) will receive $5m and the Clean Energy Financing Partnership Facility (CEFPF) will receive $5m for various activities.

The ADB office of cofinancing operations head Tadashi Kondo said the two facilities were created to help mobilise finance to bolster energy and water security in developing countries by supporting low-carbon energy investment and more effective water management options.

“We hope these facilities will help our developing member countries to better address climate change challenges,” Kondo said

The WFPF which was established in 2006 with an initial funding target of $100m. It now receives $37m in funds, with $31.4m allocated to date, according to adb.org.

It was established to support ADB’s Water Financing Program 2006-2010, allocating 70% of its funding for water demonstration projects, while 30% is used to provide knowledge and capacity support and other services.

The CEFPF was set up with an initial funding target of $250m in 2007.

It aims to help the transition of countries to low-carbon growth by financing new, efficient and less polluting supply and end-use technologies.

The governments of the Netherlands (through the Netherlands Trust Fund), Australia, Austria and Norway have also contributed to development by pledging funding towards the initiative.