ADB to moblize up to 2.75 bln USD through global insurer partnership

MANILA, May 6 (Xinhua) -- The Asian Development Bank (ADB) on Tuesday signed an agreement with 10 leading global insurers to mobilize up to 2.75 billion U.S. dollars of private capital to support the ADB's lending for sustainable growth in Asia and the Pacific.

The agreement would facilitate the growth of the private sector in the region and allow the ADB to increase its lending capacity to projects through the use of credit insurance, the Manila-based bank said in a press release.

"This partnership demonstrates how innovative risk-sharing can attract billions in private capital for sustainable development," said ADB Vice-President Bhargav Dasgupta.

By transferring credit risk to global insurers, the ADB boosts its lending capacity and creates a replicable model for reducing infrastructure investment risks in emerging markets, Dasgupta added.

This partnership highlights how insurance can mobilize private capital for climate-resilience and inclusive growth, said Dasgupta. Enditem