BAKU, Azerbaijan, December 15. The Asian Development Bank (ADB) has allocated technical assistance for the project "Enhancing Outcomes of the Nature Solutions Finance Hub (NSFH) for Asia and the Pacific," engaging Uzbekistan, Trend reports via ADB statement.
The projects will also be implemented in Bhutan, Mongolia, the Philippines, Papua New Guinea, and Thailand.
According to the statement, the main objectives include mobilizing financing, developing institutional capacity, and engaging the private sector.
"The TA will enhance the outcomes of the NSFH. The NSFH will scale up support on nature-based solutions (NBS) as well as nature-positive investments. The TA will also help developing member countries (DMCs) strengthen their institutional capacity, including policies, knowledge, and expertise required to address challenges," emphasized ADB.
The key goals and objectives include increasing investments in NBS projects, strengthening national and regional policies, and creating tools to attract private capital.
"The TA financing amount is $5.44 million, with funds coming from various sources, including ADB, Agence Française de Développement (AFD), the Green Climate Fund, and others. The program will be implemented through grants and partnership funding," the statement said.
Key areas of work include preparing six pre-project studies for NBS projects, establishing an incubator for issuing 'nature bonds', and organizing training and knowledge exchanges for governments and stakeholders.
By 2028, key outcomes include attracting $1 billion in investments for NBS, of which 15% will come from private capital, and developing sustainable financing models for NBS projects.
"A decision has been made to allocate and administer funds from various donors, including the OPEC Fund, AFD, and others," the bank stressed.