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NEWS

ADB, JICA Establish $1.5 Billion Fund to Invest in Private Infrastructure

www.adb.org/news
30 March 2016

The Asian Development Bank (ADB) today has entered into an agreement with the Japan International Cooperation Agency (JICA) to establish a new fund to support private infrastructure investments across Asia and the Pacific. The fund, Leading Asia’s Private Infrastructure, or LEAP, will be capitalized by $1.5 billion in equity from JICA, and will be managed by ADB’s Private Sector Operations Department.

Infrastructure development currently accounts for about 65% of ADB’s private sector operations. ADB aims to expand large-scale private infrastructure operations by leveraging JICA’s resources and risk-bearing capacity.

LEAP will invest in projects at different stages of development through a variety of modalities, including public-private partnerships, joint ventures, infrastructure concessions, and corporate financings, using a range of debt, equity and mezzanine instruments.

It will target a wide range of quality, private sector infrastructure transactions in energy and power generation—with a strong focus on renewable energy and energy efficiency—as well as water and urban infrastructure, transport, information and communications technology, and health.

 “The creation of the LEAP fund demonstrates the commitment of ADB, the Government of Japan and JICA to providing substantial new resources for infrastructure development in Asia and the Pacific,” said ADB President Takehiko Nakao. “Quality and sustainable infrastructure supports our core mission to achieve poverty reduction and sustainable development in Asia and the Pacific.  We expect the fund will generate at least $6 billion in total financing in this important sector, combined with ADB’s own capital and that of commercial cofinancing partners.”

ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members – 48 from the region.