MANILA, PHILIPPINES (4 December 2024) — The Asian Development Bank (ADB) has approved a technical assistance (TA) grant of $14.8 million to accelerate climate action, foster innovation, and strengthen private sector development across its regional operations.

The TA will support knowledge work and capacity building on several special initiatives across various sectors to address critical challenges and opportunities across Asia and the Pacific. This TA will play a pivotal role in ensuring the development of high-quality, bankable projects that align with ADB's enhanced financial capacity following the Capital Adequacy Framework review.  It will run until December 2029, with outputs including new knowledge products, pre-feasibility studies for sustainable projects, and workshops designed to raise awareness and foster collaboration across sectors.

“This TA aims to help ADB’s developing member countries to meet critical priorities relating to climate change,  private capital mobilization and drive innovative and impactful project designs,” said Senior Sectors Planning Specialist Navin Twarakavi. “By offering policy advice, capacity building, and new research, ADB aims to help countries to design impactful projects to address climate change, and encourage private investment and innovative solutions to support sustainable and inclusive growth.”

 The project will also focus on multisector initiatives designed to address urgent issues such as climate resilience, sustainable infrastructure, and gender-responsive development. It emphasizes regional cooperation to strengthen members' capacity for high-impact, future-ready solutions aligned with their climate commitments.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.