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ACGF Program to Receive More than $57.9 Million from European Union

PHNOM PENH: Director-General for International Partnerships at the European Commission Koen Doens, has highlighted the important role of programs such as the ASEAN Green Catalyst Finance Program (ACGF) in supporting green economic recovery in Southeast Asia. He made the remarks at the 26th United Nations Conference on Climate Change (COP26) in Glasgow, United Kingdom on Tuesday.

The ACGF program, developed by the ASEAN Infrastructure Fund and administered by the Asian Development Bank (ADB), will be receiving a contribution of more than $57.9 million from the European Union.

With promises from the European Investment Bank (EIB), Kreditanstalt für Wiederaufbau (KfW) of Germany, the French Agency for Development (AFD) and the Italian state-owned Cassa Depositi e Prestiti Investment Bank also contributed to the ACGF program. The total value is $906 million. Development partner support for ACGF is expected to raise 7 billion for low-carbon and climate resilient infrastructure projects in Southeast Asia, accelerating post-epidemic recovery in the area. Co-financing partners have pledged a total of $ 8.11 billion to the program.

Doens says that the ACGF will help ASEAN countries build a more equitable and sustainable green economy, adding that the EU and its member states are committed to comprehensive and friendly support to post-epidemic rehabilitation in the region.

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