MANILA, Philippines - Manila-based Asian Development Bank (ADB) announced it is establishing a trust fund that can provide assistance for the integration of high-level technology (HLT) and innovative solutions in its projects in the Asia and Pacific Region.
In a statement over the weekend, the multilateral lending bank said the HLT will provide grants for the recruitment of technology experts to promote the integration of innovative solutions throughout the project cycle of ADB-financed sovereign and non-sovereign projects.
The government of Japan will be the first donor to the fund, the ADB said.
The ADB said a “more widespread adoption of HLT” would address development challenges in its member countries.
“Enhancing the quality of infrastructure is important in realizing sustainable economic growth. Japan welcomes and supports ADB’s initiative to incorporate advanced technologies into projects,” said Taro Aso, Japan’s Deputy Prime Minister and ADB governor in his speech during the opening session of the 50th Annual Meeting of ADB’s Board of Governors in Yokohama.
“Japan has been promoting quality infrastructure in Asia, collaborating closely with ADB. To further strengthen the partnership, Japan will provide $40 million over two years to the new trust fund for HLT,” he said.
The fund, which will be operational by July, will support a broad range of technologies and innovative solutions that are either new or need to be scaled up. It may be used for feasibility studies, detailed designs, knowledge transfer, policy advice, pilot and demonstration activities, among others.
Integrating innovative solutions in projects will also develop the recipient country’s technological capability over time, the ADB said.
“Many developing member countries find it challenging to introduce HLT in their countries due to lack of resources and limited institutional experience,” said ADB president Takehiko Nakao. “ADB appreciates Japan’s support in the establishment of the much needed HLT Fund. This will pave the way for promoting more advanced and cleaner technology in our operations.”
The ADB said it intends to enhance its use of HLT in areas such as climate change, smart grids, mass energy storage, energy efficiency, renewable energy, toll/ticketing systems, intelligent transport systems, mass transit, smart cities, waste-to-energy technology, desalination, and remote sensing technology.
A new procurement framework, approved by the ADB Board of Directors in April, will place more weight on quality and help promote HLT facilities in ADB-financed projects.
On Saturday Nakao said investment in infrastructure will remain a priority for the ADB as the bank prepares a new long-term strategy to respond to rapid regional changes.