May 30, 2024

OPEC Fund partners with Asian Development Bank to support Thailand’s bio-circular-green economy

Facebook
Twitter
LinkedIn
ADB Climate Envoy Warren Evans and OPEC Fund Director-General Abdulhamid Alkhalifa
OPEC Fund and Asian Development Bank join forces to strengthen Thailand's bio-circular-green economy

The OPEC Fund for International Development (the OPEC Fund) and the Asian Development Bank (ADB) have signed a co-financing agreement to support Thailand’s new economic model for sustainable development.

The OPEC Fund is extending a US$500,000 technical assistance grant to support a project aimed at strengthening Thailand’s bio-circular green (BCG) economy. It is part of the country’s ambitious vision of transforming into a value-based and innovation-driven economy known as “Thailand 4.0.”

Dr. Abdulhamid Alkhalifa, Director-General, OPEC Fund

OPEC Fund Director-General Abdulhamid Alkhalifa said: “The technical assistance provided by the OPEC Fund will strengthen the capacity of the Government of Thailand to integrate its new bio-circular green economy model into national development strategies. With our support we aim to foster sustainable growth and inclusiveness. The approach reflects our shared commitment to promoting sustainable development with the Asian Development Bank.”

ADB Climate Envoy Warren Evans

ADB Climate Envoy Warren Evans noted, “ADB is committed to the development of innovative approaches that can scale up the flow of climate finance into critical sectors in a just and timely manner. Our financing partnership with the OPEC Fund through this project will build on global best practices and help apply these innovations into locally relevant approaches and pilot projects, thus helping to accelerate green development. We support Thailand’s focus on BCG as an ambitious economic model.”

The project will be administered by the ADB in close collaboration with the National Science Technology and Development Agency of Thailand. It is also supported by the “Republic of Korea e-Asia Knowledge Partnership Fund” and the government of Australia.

Thailand’s BCG model seeks to promote sustainable agriculture, clean energy, responsible consumption and production, as well as the conservation and responsible utilization of biodiversity. It is expected to generate close to US$23 billion of new investments by 2030, with an 85 percent projected contribution from the private sector.

The OPEC Fund’s grant will help to identify investment opportunities and support growth in key sectors within the model such as agriculture and food, energy, materials and biochemicals, wellness and medicine, and tourism among others.

The OPEC Fund and the ADB have cooperated for over 45 years and co-financed projects to which the OPEC Fund contributed US$1.3 billion.  Last year the two institutions established the Project Preparation and Implementation Support Trust Fund, administered by the ADB.

Source

Want to know more about Opec Fund:

OPEC Funds collaborates with IRENA

Opec Fund Strengthens partnerships at Abu Dhabi Sustainability Week

OPEC funds new road project in Rwanda with USD 18mn loan

Share.

RELATED POSTS

The investment agreement was signed by Abdulaziz Al-Omran, Founder and CEO of IMPACT46, and Youssef bin Abdullah Al-Rajhi, Chairman of Al-Matar Travel and Tourism Group Board of Directors
TDF, IMPACT46 announce joint investment in Al Matar Group
Kunal Harisinghani, FlapKap's VP of Growth
PayTabs collaborates with FlapKap
H.E. Raja Al Mazrouei, Chief Executive Officer of ECI, and Aslan Kaligazin, Chairman of KazakhExport signing the agreement.
Etihad Credit Insurance partners with KazakhExport
  • Tamkeen Insurance banner
  • Telcotech

LATEST POSTS

The Marcus Evans CAPEX Project & Portfolio Management conference taking place on 10-11 June, 2024 in Berlin, Germany, will bring together industry leaders, project managers, financial experts, and technology innovators
Souhad Saeed El Hariri Appointed As RCD-Middle East, CIS And Indian Ocean By Valor Hospitality Partners due to her marketing experience
Kanoo Machinery UAE and KSA, announced the signing of a partnership agreement with Combilift to provide sustainable forklifting solutions in the region
ROSHN Group's partnership with SIMAH reflects its commitment to transparency and due diligence. Image Courtesy: ROSHN Group