Private Sector Financing Activities

During his visit to Singapore from 21 to 23 August, VP Ashok Lavasa met officials from the Ministry of Finance and Monetary Authority of Singapore to discuss transition finance through a blended finance ecosystem, carbon markets development, and inclusive fintech. The VP convened with various private sector partners to align efforts on sustainable infrastructure finance, regional and integrated low-carbon energy generation and transmission, and digital and green transformation of the ASEAN economy. 

VP Lavasa visited Singapore’s first large-scale dual-mode desalination plant, which is recognized for its innovative, nature-based design, energy efficiency, and climate resilience. He also discussed the Singapore Office’s (SGO) pivotal role in ADB’s private sector development shift during a town hall hosted by SGO Regional Director Jackie Surtani. 

At the 8th Asia Sustainable Infrastructure Finance Leaders Dialogue, VP Lavasa delivered the keynote address and called for collaboration among development finance institutions, and the public and private sectors for sustainable infrastructure development. He also highlighted ADB’s various climate financing initiatives, including through PPP’s, targeted to mobilize the private sector, scale up sustainable infrastructure finance, and promote sound governance.

ADB was given 11 The Asset Triple A Awards, including for the Multilateral Agency of the Year category, by The Asset Magazine. VP Ashok Lavasa led an ADB team to receive the awards at a ceremony on 21 August in Singapore. The awards recognized the achievement of ADB’s private sector deals on sustainable infrastructure in 2022. ADB also received the Central Asia Deal of the Year award for the Zarafshan Wind Power Project in Uzbekistan; and the Deal of the Year awards for utilities, transport, and water in India; telecom in Maldives; transport in Thailand; and renewable energy (wind), renewable energy (waste-to-energy), transport and renewable energy (waste-to-energy) in Viet Nam.

During his visit to Mongolia from 5 to 12 July, VP Ashok Lavasa, along with Mongolia’s Deputy Prime Minister and Economy and Development Minister Khurelbaatar Chimed, delivered keynote remarks at the Mongolia Economic Forum 2023. The VP also had panel discussion on “New Future - New Opportunities” with the Deputy Prime Minister, the Chairman of Rio Tinto Group, the Global Chairman of Investment Banking of JP Morgan, and Chairman of MCS Group. VP Lavasa emphasized the importance of an enabling environment for private sector participation to meet growing investment needs for inclusive growth and climate action. He highlighted the government’s role in improving infrastructure, gender equality, food security, digitalization, and the energy transition. VP Lavasa and the country’s Minister of Finance and ADB Governor Javkhlan Bold discussed opportunities for improving the investment climate, and public-private partnerships challenges. The VP visited ADB-funded projects including financial institutions, a private hospital, a public district hospital, and factories for dairy products and cashmere garments; and exchanged views with business leaders from infrastructure, agribusiness, and social sectors.

During his first visit to the People's Republic of China from 18 to 23 June, VP Ashok Lavasa signed a cooperation agreement with the Export-Import Bank of China VP Zhang Wencai in Beijing to foster collaboration and cofinancing of private sector investments in Asia and the Pacific. With the Ministry of Finance Director General Cheng Zhijun, VP Lavasa discussed ADB’s continuous support to private sector operations, public-private partnerships, and knowledge sharing. He also exchanged views on deepening collaboration on climate response and environmental, social, and governance investment with business leaders from sustainable infrastructure, agribusiness, microfinance, financial institutions, and private equity funds. In Wuhan, VP Lavasa visited ADB’s COVID-19 emergency response project sites - Jointown, which supported pharmaceutical distribution, and China Gas, which ensured continuous supply of electricity to hospitals and residents during the lockdown. Read the news release. 

The Republic of Korea’s Ministry of Economy and Finance (KMOEF) pledged $3 million to expand the ADB Ventures SEED program at a signing ceremony led by VP Ashok Lavasa that was held on the sidelines of the ADB Annual Meeting on 5 May in Incheon. The SEED program provides funding to early-stage companies with tech-enabled solutions to validate and deploy their operations in Asia and the Pacific. Since its launch in 2020, the SEED program has funded over 35 companies operating in almost 20 of ADB’s developing member countries in a range of sectors, including e-mobility, energy efficiency, climate-smart farming, and climate-related financial technology solutions, focusing on investments that improve the lives of women and girls. Read the news release.

VP Ashok Lavasa on 5 May delivered a keynote address at the Scaling Sustainable Finance in Asia-Pacific side event of the 56th ADB Annual Meeting in Incheon. VP Lavasa highlighted that sustainable finance aims to create long-term value for investors while minimizing the negative impacts of economic activities on the environment and communities, hence contributing to the overall well-being of society. He underscored ADB's climate ambition of $100 billion in cumulative climate financing from 2019 to 2030, and the launch of the Innovative Finance Facility for Climate in Asia and the Pacific (IF-CAP) to expand ADB’s lending capacity. Private Sector Operations Department Director General Suzanne Gaboury joined the panel, along with representatives from IFC, the Green Climate Fund, and Moody's. The roundtable event was organized by The Asset.

VP Ashok Lavasa and seven CEOs from a select group of private sector companies discussed how ADB can innovate quickly and efficiently to address gender inequality, climate change, and food security through the private sector, which took place at the sidelines of ADB Annual Meeting on 5 May in Incheon. CEOs from Energy Absolute, Vingroup, Cargill, Multiples Alternate Asset Management, SAEL Industries Limited, Indorama Corporation, and International Sustainability Standards Board joined the roundtable discussion, followed by a lunch. Private  Sector Operations Department (PSOD) Director General Suzanne Gaboury moderated the discussion, and PSOD’s Deputy Director General Cathy Marsh, Senior Advisor Craig Roberts, and other division directors attended the session. 

VP Ashok Lavasa participated in the signing ceremony of the 600 MW Lao PDR Monsoon Wind Power Project during a mission on 19-21 April 2023 in Bangkok, Thailand. The project, which aims to sell power to Viet Nam, is the first cross-border wind power plant in Asia and the largest wind power project ADB has ever financed. ADB, as the lead arranger, mobilized a $692.55 million financing package. VP Lavasa highlighted the project’s contribution to regional cooperation and climate change mitigation, underscoring ADB’s ambition to be Asia’s climate bank. Ambassador of Canada to Thailand, Laos, and Cambodia Sarah Taylor, JICA Director General for Private Sector Partnership and Finance Department Eigo Azukizawa, and representatives from sponsors and other lenders joined the ceremony. VP Lavasa also met with Gulf PCL, BANPU, and Indorama Ventures representatives to discuss opportunities for ADB private sector operation’s support.

VP Ashok Lavasa led a signing ceremony with SAEL Industries Limited on 23 March 2023 in New Delhi. The loan, which is ADB’s first private sector financing of a biomass energy project in India, will be used to construct and operate five biomass energy plants in Rajasthan, with total generation capacity of 74.5 megawatts. The project aims to reduce the burning of agricultural waste, provide additional income to farmers through the procurement of agricultural residues, and diversify the country's energy mix. Read the news release.

VP Ashok Lavasa participated in a signing ceremony between ADB and Nhava Sheva Freeport Terminal Private Limited on 20 January 2023 in New Delhi, making ADB’s first private sector financing of container terminal operations in India. The $131 million loan, including $69.6 million of cofinancing from LEAP, will be used to sustainably upgrade existing berths and yards and install additional energy-efficient equipment such as electric quay cranes in the Jawaharlal Nehru Port Container Terminal in Navi Mumbai Maharashtra. The project, aligned with the National Trade Facilitation Plan, National Monetization Pipeline, and Maritime India Vision 2030, will result in more efficient terminal operations and enhance international trade through efficient, transparent, and state-of-the-art logistics infrastructure at India's second largest port. ADB Infrastructure Finance Division 1 Director Shantanu Chakraborty signed the loan agreement during the ceremony. Read the news release.