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ADB, ISA Commit to Promote Solar Energy in Asia and Pacific Region

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The Asian Development Bank (ADB) and the International Solar Alliance (ISA) signed a cooperation arrangement today to promote solar energy deployment in Asia and the Pacific, including solar power generation, solar based mini-grids, and transmission systems for integrating solar energy into grids.

The signatories to the arrangement were Upendra Tripathy, Interim Director General of ISA, and Bambang Susantono, ADB Vice-President for Knowledge Management and Sustainable Development, in the presence of India Finance Minister and ADB Governor Arun Jaitley.

“ADB’s energy policy commits $3 billion per year by 2020 for promoting clean energy, including solar energy projects in its developing member countries,” said Mr. Susantono. “We are happy to work with ISA to mobilize additional investments to meet ISA’s goals for the massive deployment of affordable solar energy.”

Both parties agreed to cooperate on knowledge sharing and developing technology roadmaps for the promotion of solar energy, develop financing instruments to support solar energy deployment, and conduct studies and consultations to explore mobilization of concessional financing through trust funds or special funds administered by ADB.

ISA, headquartered in Gurugram near New Delhi, is now a treaty-based intergovernmental organization that was established following the Paris Declaration as an alliance dedicated to the promotion of solar energy among its member countries. The ISA’s major objectives include global deployment of over 1,000 gigawatt (GW) of solar generation capacity and mobilization of investment of over $1 trillion into solar energy by 2030.

India has set an ambitious target of installing 175 GW of renewable energy, including 100 GW from solar by 2020 as announced by India’s Prime Minister Narendra Modi at the joint launch of the ISA with then-French President Francois Hollande on 30 November 2015.

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Micro and Small Rural Entrepreneurs’ Access to Credit Enhanced by ADB

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The Asian Development Bank (ADB), the Government of Sri Lanka, and the Regional Development Bank (RDB) today signed Loan and Guarantee Agreements to further assist Sri Lanka to provide affordable and accessible credit to rural micro, small, and medium-sized enterprises (MSMEs) in the country. Under the financial agreements, ADB will provide a $50 million loan with sovereign guarantee from the Government of Sri Lanka.

“MSMEs have high growth potential, create more jobs, and over time, potentially increase the tax base at a quicker pace than larger enterprises,” said Ms. Sri Widowati, ADB Country Director in Sri Lanka. “Because of their distribution over the whole country, they also help reduce regional inequalities”.

Ms. Widowati signed the Guarantee Agreement on behalf of ADB while Dr. R.H.S. Samaratunga, Secretary to the Treasury, Ministry of Finance, signed for the Government of Sri Lanka. In addition, a Loan Agreement was signed between ADB and RDB.

With only about 30% of Sri Lankan firms having sufficient access to bank loans and other capital, limited access to finance is a key barrier facing entrepreneurs in Sri Lanka. These constraints are even greater for micro and small enterprises led by women or located in rural areas.

The project will not only directly fund $50 million of long-term financing through RDB to micro and small enterprises outside of Colombo, including women-led businesses, but will also be structured to provide RDB the additional regulatory capital that would leverage up to an additional $533 million of lending to MSMEs.

Implemented through the RDB, a state-owned bank whose mission is to strengthen the living standards of the rural population by providing affordable and accessible credit facilities; the bank’s unique business model and wider branch network across rural areas can effectively cater to rural small and micro enterprises that are mostly missed out by the private sector commercial banks.

Integral to the project is a technical assistance grant of $1 million from the Japan Fund for Poverty Reduction, financed by the Government of Japan, to support RDB’s sustainable long-term growth. The TA will upgrade RDB’s business model and directly promote gender mainstreaming through trainings to about 500 women entrepreneurs.  

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Improved Skills and Job Opportunities for Youth in Maldives

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The World Bank Board of Directors today approved a $20 million financing to provide market relevant skills and increase employment opportunities for youth in Maldives.

Basic human development indicators are high in Maldives, with the adult literacy rate at 98.6 percent and life expectancy at 77.6 years. The new project will help the Government of Maldives accelerate human capital accumulation, increase employment opportunities for young people, promote equitable economic and social progress in the country, and fulfill the vision for a climate sensitive Blue Economy.

“The Maldivian youth hold the key to the country’s future prosperity,” said Idah Z. Pswarayi-Riddihough, World Bank Country Director for Maldives, Nepal and Sri Lanka. “We are happy to partner with the Government to develop ‘A 21st Century Skills Development Strategy’ and test a diversified approach to skills and entrepreneurship that are responsive to the demand-led labor markets and the needs of the local population, particularly the most vulnerable groups.”

This project will also focus on improving female labor-force participation in Maldives by fostering new skills development, such as programming bootcamps to empower young women to pursue home-based work in ICT-related services.

Shobhana Sosale, Adja Mansora Dahourou, and Harsha Aturupane, Project Task Team Leaders from the World Bank highlighted that “Diversified skills and entrepreneurship development will help Maldivian youth to become more employable, harnessing their contribution to the development of the country and promoting the well-being of their communities. We hope that the project can contribute to setting up strong decentralized skills and entrepreneurship ecosystems for accountable, effective and responsive lifelong learning and opportunities for youth.”

The new Enhancing Employability and Resilience of Youth Project will be co-implemented by the Ministry of Higher Education and Ministry of Economic Development along with island administrative councils, city councils, and women’s committees participating in the project. The total project cost is $20 million, including a $10 million grant and a $10 million credit from the International Development Association.

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IEA takes part in G20 Energy and Environment Ministerial in Japan

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The IEA's contributions to the G20 this year include a major report on hydrogen as well as work on innovation gaps and investment in low-carbon power. (Photograph: IEA)

The International Energy Agency has provided in-depth support for this weekend’s meeting of G20 energy and environment ministers, including the publication of a major new study on hydrogen’s potential role in global energy transitions.

Under Japan’s G20 presidency, the ministerial meeting took place in the town of Karuizawa.

The IEA report on hydrogen – The Future of Hydrogen: Seizing Today’s Opportunities – analyses hydrogen’s current state of play and offers recommendations for its future development and how it can help to tackle critical energy challenges. The IEA carried out the study at the request of Japan’s G20 presidency. It was launched Friday by Dr Fatih Birol, the IEA’s Executive Director, alongside Mr Hiroshige Seko, Japan’s Minister of Economy, Trade and Industry.

The IEA provided several other important contributions to the G20 this year at the presidency’s request, including an analysis identifying more than 100 innovation gaps across the energy system and recommendations for how to fill them; a report on securing investment in low-carbon power generation; and other activities and analyses to encourage greater international collaboration on data gathering.

The IEA’s G20 work also involves tracking progress towards phasing out inefficient fossil fuel subsidies that encourage wasteful consumption. This is done through an annual update in the World Energy Outlook, the IEA’s flagship publication, and a joint report with the Organisation for Economic Co-operation and Development.

At the ministerial meetings in Karuizawa, Dr Birol presented findings from the new reports and spoke about other important topics, including energy access in Africa, tracking progress towards clean energy goals and developments in the global trade in liquefied natural gas (LNG). (Slides from his two presentations are available here and here.)

On the sidelines, he held bilateral meetings with ministers from several countries, including Australia, Brazil, India, Indonesia, Japan, Saudi Arabia and Singapore.

The IEA also supported the official side events of the ministerial meetings: the G20 Natural Gas Day, the G20 Energy Efficiency Financing Summit and hydrogen investor events in Japan. The IEA’s contributions to this year’s G20 are the latest instance of the agency’s active support for a range of G20 meetings and work streams over the past 10 years.

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