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ADB Hosts High-Level Green Climate Fund Delegation to Forge Strategic Relationship

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ADB President Mr. Takehiko Nakao (12th from left) and members of ADB Management with GCF Executive Director Mr. Howard Bamsey (10th from left) and members of GCF's management team.

Asian Development Bank (ADB) President Mr. Takehiko Nakao met with Green Climate Fund (GCF) Executive Director Mr. Howard Bamsey and members of his senior management team. Concluding GCF’s 2-day visit to ADB headquarters in Manila, Mr. Nakao and Mr. Bamsey agreed to the importance of concessional climate finance to ADB’s developing member countries through strengthening strategic cooperation between ADB and GCF.

Mr. Nakao appreciated GCF’s progress in project approvals over the past 2.5 years while building up the organization and its policy frameworks. GCF is on its way to becoming an important source of climate finance for developing countries, with 76 projects and $3.7 billion in commitments with accredited entities including MDBs, UN agencies, direct access (national agencies), and private sector entities. ADB was the first among multilateral development banks (MDBs) to be accredited by GCF.

ADB currently has six approved projects totaling $265 million in cofinancing from GCF. Three projects receiving a total of $75 million in GCF grants are located in the Pacific, including an Urban Water Supply and Wastewater Management Project in Fiji and Sustainable and Climate Resilient Connectivity for Nauru—both adaptation projects—as well as the Pacific Islands Renewable Energy Investment Program with its first sub-project in Cooks Islands. The Ulaanbaatar Green Affordable Housing and Resilient Urban Renewal Project supports adaptation and mitigation actions in Mongolia, with $145 million in GCF grant and loan financing. In Cambodia, GCF supports ADB’s Climate-Friendly Agribusiness Value Chains Sector Project ($40 million in grants and loans), which has both adaptation and mitigation aspects. In Tajikistan, the $5 million GCF grant for the Institutional Development of the State Agency for Hydrometeorology will enable adaptation.

Two additional ADB projects will be considered by GCF at its board meeting in July 2018—the South Tarawa Water Supply Project in Kiribati and the Tonga Renewable Energy Project, with a total of $60 million in grants proposed to GCF.

During the meeting, Mr. Nakao and Mr. Bamsey discussed how ADB and GCF can work together to further streamline the approval and implementation processes based on the accreditation master agreement between ADB and GCF.

The GCF’s visit took place days after the release of MDBs’ latest joint report on climate financing, which showed a 7-year high of $35.2 billion in 2017, up 28% from the previous year. ADB’s climate investments from its own resources reached $4.5 billion ($3.6 billion in mitigation and $930 million in adaptation) last year, a 21% increase from 2016. This is in line with ADB’s commitment to double annual climate financing to $6 billion by 2020. In addition, ADB raised a total of $696 million in climate finance from external sources, bringing the total to $5.2 billion in 2017.

Tackling climate change, building climate and disaster resilience, and enhancing environmental sustainability is one of ADB’s seven priorities under its proposed new Strategy 2030, scheduled to be approved in July 2018.

ADB’s climate work is now guided by the Climate Change Operational Framework 2017–2030. The framework provides broad direction and guidance for enhancing resilience and strengthening climate actions in ADB’s operations and business processes, including scaling up finance for its developing member countries.

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Digital Technology Will Help Djibouti Leap into the Future

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Digital technology will have a critical part to play in boosting Djibouti’s socio-economic development and meeting the ambitious goals set out in its national strategy, Vision Djibouti 2035. As a key step toward building a strong, inclusive digital economy, the Government of Djibouti and the World Bank are co-hosting a high-level event that will explore the potential benefits of digital development and propose a concrete roadmap of action.

“Disruptive technologies are creating new business models, opening up new markets, and giving consumers access to more products and services than ever before. It is hard to overstate the economic potential of these transformations,” said Ilyas Moussa Dawaleh, Djibouti’s Ministry of Economy and Finance. “In a country like ours, developing a high-performing digital ecosystem will provide a unique chance to stimulate the economy and create jobs. The Digital Economy conference starting today will bring us one step closer to this vision.”

“The digital sector will be key to improving the lives of Djiboutian people, expanding our economy, and strengthening our position as a logistics and commercial hub. With eight submarine cable landing on our shores, there is no doubt Djibouti has what it takes to become a digital leader in the region,” noted Abdi Youssouf Sougueh, Minister of Communications. “We are keen to bring in development partners like the World Bank to leverage this infrastructure to the fullest and reinforce all the other fundamentals that are necessary to nurture a vibrant digital economy.”

The conference will bring together a wide range of government representatives, technology pioneers, and development partners. Building on this uniquely diverse combination of knowledge and global perspectives, participants will assess Djibouti’s digital landscape, share international best practices, discuss how technology can help modernize all sectors of the economy, and outline a clear strategy and action plan for digital development in the country.

“Countries around the world are leveraging digital innovation to accelerate economic growth and build a better future for people, and Djibouti is very well positioned to gain from that approach,” said Boutheina Guermazi, World Bank Director for Digital Development. “I am confident this event will pave the way for close collaboration on digital development between the Word Bank, Djibouti, and countries across the Middle East and Africa.”

In addition to discussing Djibouti’s opportunities and challenges, the event will also highlight the need for bolder action on digital development engagement across the region.

Sessions will cover all key dimensions of digital development, with a focus on how to strengthen the five pillars of the digital economy: digital infrastructure; innovation and entrepreneurship; digital financial services and identification; digital platforms; and digital literacy and skills.

“Technological innovation holds great promise for Djibouti. By harnessing the full power of the digital economy, the country could see significant GDP growth, create a future-proof labor market, and raise living standards for all segments of the population. We stand ready to work hand in hand with Djibouti on this journey, to help create the right conditions for a thriving digital sector,” said Atou Seck, World Bank Resident Representative in Djibouti.

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The first shopping tourism project in Mexico

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The World Tourism Organization (UNWTO) and the Municipality of León (Guanajuato, Mexico) have signed an agreement to carry out the country’s first project to develop Shopping Tourism, with the support of the Ministry of Tourism of the State of Guanajuato.

The project is expected to serve as an international reference point and as a showcase at major tourism forums.

The Tourism Observatory of the State of Guanajuato has been a member of the UNWTO International Network of Sustainable Tourism Observatories since 2014. At the World Tourism Organization’s General Assembly held in Medellín, Colombia, in September 2015, Guanajuato expressed its interest in being one of the destinations to develop a project on shopping tourism, and León was the selected destination in light of the fact that 27% of its tourists visit the city to go shopping.

The World Tourism Organization (UNWTO) is the United Nations agency responsible for the promotion of responsible, sustainable and universally accessible tourism.

The project will help León (Guanajuato, Mexico) to develop innovative shopping tourism offerings that link the public and private sectors and that highlight the destination’s tourism attractions and products as well as tourism’s contribution to socio-economic development, which includes the creation of jobs directly in the tourism sector and in the many activities related to the sector.

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Smart city matchmaking in Barcelona

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This year’s Smart City Expo World Congress (SCEWC), Europe’s biggest Smart City related event, takes place from 13 to 15 November in Barcelona and will, like previous editions,  attract several thousand stakeholders.

During the congress, on November 14, the Smart Cities Innovation Partnership on Smart Cities (EIP-SCC) will organise its next matchmaking event, seeking to bring projects and investors together to stimulate action. It is especially tailored to match individual projects with financing.

To take part, stakeholders must register on the matchmaking platform where they will join other cities, industry and financial players. Registered users need to submit short descriptions of their upcoming projects. A dedicated team will then process and match them with financiers’ interests, leading to one-to-one meetings, organised specifically and individually for them and their projects.

Should participation in above-mentioned event not be possible, the matchmaking platform will remain available also after the Barcelona congress, as the EIP-SCC will organise further matchmaking events in the future.

In addition, there will be an exhibition stand, where interested stakeholders can meet any of the 12 Horizon 2020 Lighthouse projects (representing € 270 million of EU funding), experts from the EIP-SCC, the Smart Cities Information System, as well as the European Commission.

Finally, there will be a number of sessions organised at the mentioned exhibition stand as part of the SCEWC programme covering a wide range of Smart City related topics. The full programme is available at http://www.smartcityexpo.com/en/agenda-2018.

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