Finance Minister Michael McGrath has announced €15.63 million in funding to support developing states in Asia and the Pacific region, to encourage “bold climate action” and “a transformative gender agenda,” among other things.
The Asian Development Fund is an arm of the Asian Development Bank which provides zero- and low-interest loans and grants to the poorest countries in Asia and the Pacific.
“As Minister for Finance and Ireland’s Governor at Asian Development Bank, I am delighted to announce Ireland’s contribution to the Asian Development Fund, amounting to €15.63 million,” said McGrath in a statement this morning.
In a press release, the Department of Finance went on to outline how the contribution would encourage “bold climate action” measures.
“The Fund provides vital support to the poorest and most vulnerable regional countries, while further emphasising the need to take bold climate action, deepen regional cooperation, and address regional public goods,” the press release read.
According to the Department, one of the objectives of the fund for the period of 2025 to 2028 is “supporting climate change adaptation,” and “achieving Sustainable Development Goal 5’s transformative gender agenda.”
Other goals include “fostering regional cooperation and integration, including the provision of regional public goods.”
“Our strong support of this replenishment reflects the close alignment between Ireland’s international development priorities and the Fund’s policy initiatives,” the Department added.
“We are confident that the agreed package can help the poorest and most vulnerable countries in the region, particularly small island developing states, and will help curtail and address the impacts of overlapping crises.”
Ireland’s Asian Development Fund pledge of €15.63 million, which will be paid over 11 years commencing in 2025, will “contribute to the Government’s commitment to increase development spending to 0.7 per cent of Gross National income by 2030,” the statement says.
The Fund operates on four-year cycles with the current cycle operating from 2021 to 2024, to which Ireland is contributing €13.6 million.
“The Asian Development Fund’s objectives are consistent with Ireland’s International Development Policy ‘A Better World’, Ireland’s Strategy for Partnership with Small Island Developing States and Ireland’s development policy for the Asian Pacific Region, Global Ireland: Renewing our Commitment to Delivering in the Asia Pacific Region to 2025,” the statement concluded.