China Poverty Reduction and Regional Cooperation Fund provides 500,000 USD for development of Green Local Currency Bonds in ASEAN countries

On March 4, 2020, the Asian Development Bank's plan of the Green Local Currency Bonds project was approved. This project was financed by 500,000 USD from the China Poverty Reduction and Regional Cooperation Fund.

The purpose of this project is to provide regional technical assistance for the policy makers of the Association of Southeast Asian Nations (ASEAN) as well as the People's Republic of China, Japan, and the Republic of Korea (collectively known as ASEAN+3) on the development of green local currency denominated bonds for infrastructure development in ASEAN+3.

The proposed TA is designed to support the creation of necessary ecosystems to develop green local currency financing in the region based on the assessment and recommendations of the study on 'Promoting Green Local Currency Bonds for Infrastructure Development in ASEAN+3_ which was submitted to and appreciated by the ASEAN+3 Finance Ministers and Central Bank Governors at their 21st meeting in Manila, the Philippines.