INCHEON, South Korea—Efforts to promote access to climate technology, improve digital services and enhance sustainable and inclusive infrastructure development through public–private partnerships (PPPs) were given a boost on Wednesday as the Korean government and Asian Development Bank (ADB) signed three new agreements.
ADB said the three agreements generated $100 billion to cover the Government of the Republic of Korea of the ADB-managed e-Asia and Knowledge Partnership Fund and another $5 million for Korea’s contribution to the Asia Pacific Project Preparation Facility (AP3F), a multi donor trust fund which provides technical support to developing member countries (DMC) for the preparation of sustainable and inclusive PPP projects to fill the infrastructure gap in Asia and the Pacific.
The Korean government and ADB also signed an agreement to work towards establishing an ADB-Korea Climate Technology Hub (K-Hub) in Seoul to connect ADB’s DMCs to cutting-edge climate technology, experts, service providers, and other stakeholders in the climate tech ecosystem. Through the K-Hub, DMCs will be able to access and implement solutions to challenges posed by climate change.
“I am pleased to sign a memorandum of understanding for ADB and the Government of Korea to work together to establish the ADB-Korea Climate Technology Hub,” said ADB President Masatsugu Asakawa.
“Based in Korea, the K-Hub will connect ADB’s developing member countries to experts, service providers, and other key stakeholders to harness the potential of technology in the battle against climate change,” he added.
In his speech at the formal opening of the Annual Governor’s Meeting here, Asakawa highlighted the journey of Korea from being a founding member and recipient of assistance of the Manila-based multilateral development to a donor country helping the ADB.
“I remember visiting Seoul in 1985 for the World Bank-IMF Annual Meetings, where there was much discussion of the country’s economic progress. We called it ‘the Miracle on the Han River.’ I am proud of ADB’s contributions over more than half a century to Korea’s transformation into a global economic powerhouse,” Asakawa said.
ADB said the replenishment of Korea’s contribution to the ADB-managed e-Asia and Knowledge Partnership Fund would help leverage the Republic of Korea’s expertise in information and communication technology (ICT) in the region.
This can be done by helping ADB scale up the use of technology and knowledge sharing to support economic and social development.
The fund was established in 2006 to promote information and ICT, social development, and knowledge sharing, and to reduce the divide between countries in access to digital services.
The AP3F was established in 2015 by Australia, Canada, and Japan as founding financing partners, along with ADB, which manages and operates the facility.
Through its technical support, AP3F aims to address key development challenges, including climate change and gender equality, and to promote digital innovation and quality infrastructure investment in the region.
“The Republic of Korea is proud to help the economies of Asia and the Pacific to meet their development needs,” said the Republic of Korea’s Deputy Prime Minister and Minister of Economy and Finance Kyung-ho Choo. “I hope K-Hub would be a platform for governments and companies around the world to explore climate solutions and share climate technology and knowledge. Also, I’m pleased to see Korea participating in ADB’s key areas such as AP3F, by cooperating with various stakeholders.”
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.