The Asian Development Bank (ADB) has approved a regional technical assistance (TA) project, "Nature-Based Materials Market Development Platform," covering 43 countries, including Azerbaijan, Report informs referring to the ADB.
The $1.5 million project is planned to be financed through the Special Technical Assistance Fund.
The Asian Development Bank (ADB) will establish and administer the Nature-Based Materials Market Development Platform technical assistance (TA) to accelerate private sector investment in carbon-positive nature-based solutions across developing member countries (DMCs). Nature-based materials derived from fast-growing crops and renewable biological resourcesincluding bamboopresent a transformative opportunity to drive climate action, foster economic development, and stimulate private sector growth.
The TA will develop functioning markets through ecosystem assessment, pilot validation, and scalable partnership platform creation that mobilizes risk capital to accelerate growth of the nature-based material industry.
The TA will establish a regional Nature-based Materials Market Development Platform in partnership with industry that accelerates private sector investment in carbon-positive nature-based solutions.
Azerbaijan has been a member of ADB since 1999. During this period, the bank has invested approximately $5.6 billion in the country, including $4.4 billion in the public sector and $1.2 billion in the private sector. The largest financing areas are transport ($1.5 billion) and energy ($1.7 billion).
As part of the new partnership strategy, ADB is prepared to invest up to $2.5 billion in Azerbaijan.
ADB was established in 1966 and is headquartered in Manila. The bank brings together 69 member countries, 50 of which are from the Asia-Pacific region.