MANILA, Jan. 18 (Xinhua) -- The Asian Development Bank (ADB) and British International Investment (BII), Britain's development finance institution and impact investor, launched a new trade finance partnership to promote green trade in Asia-Pacific, the ADB said Thursday.
Managed by the ADB's Trade and Supply Chain Finance Program (TSCFP), the partnership will focus on renewable energy, energy efficiency and climate-smart agriculture to help reduce dependency on fossil fuels.
The partnership will provide financing for local importers of solar panels, wind turbines, electric vehicles and agricultural goods, supporting the region's transition to cleaner sources of energy, the ADB said.
The bank said the financing partnership with BII is part of TSCFP's mission to make global trade and supply chains green, inclusive, resilient, and socially responsible. It added that the financing will also boost TSCFP's work in reducing the global trade finance gap by bringing new trade financing capacity to the market. ■
