Private Sector Financing Activities
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ADB commits €10.8 million towards energy-efficient fabric manufacturing in Bangladesh
VP Ashok Lavasa participated in the signing ceremony on 11 December 2022 for a €10.8 million facility agreement with Envoy Textiles Limited. The loan will fund a new, automated, and more energy-efficient yarn spinning unit for Envoy’s in-house denim fabric production. This is ADB’s first private sector project in the textile sector in Bangladesh in two decades. Read the news release.
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VP Lavasa reaffirms support to private sector development at Nepal Infrastructure Summit 2022
At a summit on 8-9 September 2022 in Kathmandu opened by the former Prime Minister of Nepal Pushpa Kamal Dahal, VP Ashok Lavasa in a keynote address noted that greater private sector participation in the economy is essential to mobilize resources, introduce innovation and technology, improve efficiencies, and ensure sustainable development results. He also emphasized that ADB is ready to support the Government of Nepal in attracting private sector investment by developing an enabling environment, mobilizing high-impact capital, and introducing new technologies and innovations. The VP also met with Nepal’s Finance Minister and ADB Governor Janardan Sharma “Prabhakar” and commended the government on the progress toward legal and regulatory reforms to attract private and foreign investment. Read the news release and VP Lavasa's inaugural address.
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VP Lavasa opens Trade and Supply Chain Finance Program awards in Singapore
VP Ashok Lavasa emphasized the importance of making global trade and supply chains green, resilient, transparent, inclusive, and socially responsible at the Trade and Supply Chain Finance Program (TSCFP) held on 6 September 2022 in Singapore. More than 140 partners, including the Government of Australia, banks, and regulators attended. VP Lavasa and the TSCFP team presented the awards for best transactions conducted with TSCFP in 2021, including best in green and SME transactions, and gender champion.
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ADB engages with key regional clients in Singapore
While at two international events in Singapore, the World Cities Summit and the Asia Infrastructure Forum, VP Ahmed Saeed and VP Ashok Lavasa engaged with key regional and Singapore clients to discuss investment and trends in climate, sustainable finance, global food trade, and food security. The two VPs and Private Sector Operations Department Director General Suzanne Gaboury on 1 August 2022 discussed the Energy Transition Mechanism and blended finance initiatives with the Monetary Authority of Singapore. ADB Executive Director Ambassador Chantale Wong and the ADB Singapore Office team joined the mission meetings.
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ADB, JBIC strengthen collaboration in decarbonization and sustainable infrastructure
VP Ashok Lavasa and Japan Bank for International Cooperation (JBIC) Resident Executive Officer and Regional Head for Asia and Pacific Noriyasu Matsuda, in a meeting on 27 July 2022 at ADB headquarters, discussed areas for further collaboration in energy transition, resilient supply chains, and social infrastructures, leveraging innovative technologies. Acknowledging the successful cooperation between the two institutions on previous energy projects, VP Lavasa and Mr. Matsuda highlighted the importance of maximizing development impact while preserving the environment. ADB's Office of Public Private Partnership Head Cleo Kawawaki and Private Sector Operations Department Deputy Director General Christopher Thieme joined the meeting.
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ADB gets top recognition at IJ Global Awards 2021 ceremony
VP Ashok Lavasa and Private Sector Operations Department (PSOD) Director General Suzanne Gaboury accepted two awards at the IJ Global Awards on 20 July 2022 in Singapore. The ADB awards included the IJ Global Development Finance Institution of the Year for overall performance, and the APAC Onshore Renewable Deal of the Year for the Viet Nam: Lotus Wind Power Project. VP Lavasa lauded the accomplishment, noting that it was achieved through PSOD’s successful collaboration with various departments, exemplifying the One ADB spirit. PSOD Deputy Director General Christopher Thieme and Infrastructure Finance Division Director Jackie Surtani joined the ceremony.
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Private Sector Operations in 2021— Report on Development Effectiveness launched
VP Ashok Lavasa commended ADB's Private Sector Operations Department’s (PSOD) strong performance in a difficult operating environment, making critical contributions to ADB’s overall COVID-19 response at the launch of the Private Sector Operations in 2021: Report on Development Effectiveness held on 30 May 2022 in ADB headquarters. In his remarks, VP Lavasa highlighted the need to remain focused on projects that deliver strong additionality and development impacts while observing risk tolerance limits. He also expressed confidence in PSOD’s ability to meet new challenges and assist clients to mobilize capital and roll out innovations to support regional recovery. Read the news release.
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People's Republic of China, ADB present inaugural Private Sector Impact Green Carpet Awards
VP Ashok Lavasa on 9 May 2022 opened the inaugural ceremony and presented the awards together with People’s Republic of China (PRC) Ministry of Finance Director General Zhijun Cheng. VP Lavasa highlighted the private sector’s significant contribution to environmentally sustainable development, climate change mitigation and adaptation, and health security and aging society in the PRC. The awards recognized 8 projects which effectively promote global public goods, pandemic response, enhanced food safety, inclusive finance and multiplication of development impact through co-financing. Private Sector Operations Department Deputy Director General Christopher Thieme moderated the discussion with chairpersons and CEOs of private sector clients.
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VP Lavasa discusses ADB's private sector support with Ayala Corporation in the Philippines
VP Ashok Lavasa on 9 March 2022 met with Ayala Corporation's (AC) President and CEO, Fernando Zobel de Ayala and its subsidiary AC Energy's Senior Management to discuss ADB's private sector support for the Philippines' sustainable and inclusive recovery. VP Lavasa also discussed ADB's on-going collaborations with AC Energy in climate financing across Southeast Asia. ADB was an anchor investor in AC Energy's maiden climate bond issuance, the first Climate Bond Initiative certified climate bond in Southeast Asia. Private Sector Operations Department Director General Suzanne Gaboury, Deputy Director General Christopher Thieme, and Infrastructure Finance Director Jackie Surtani joined the meeting.
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ADB's Private Sector Department management mission strengthens support for clean energy, e-mobility in Thailand
Private Sector Operations Department’s (PSOD) first management-led mission to a developing member country since March 2020 saw its Deputy Director General Christopher Thieme, Infrastructure Finance Division Director Jackie Surtani, and Thailand Resident Mission staff visit various private sector clients to discuss support for clean energy and sustainable transport in Thailand. During the mission from 24-28 February 2022 in Bangkok, PSOD management met with one of the largest renewable energy operators in Thailand and ADB client, Energy Absolute, to discuss the transition from conventional vehicles to electric vehicles and visited the company’s e-ferries project on the Chao Phraya river.
