The Asian Development Bank (ADB) and fund manager ILX Management (ILX) have signed cooperation arrangements that will help scale up private sector investments to address climate change and other development challenges in developing countries to achieve the United Nations’ SDGs.
The two parties will cooperate in identifying projects under ADB’s private sector operations that qualify for co-financing. ILX Fund I, a private credit fund managed by ILX, will help mobilize co-financing for projects across ADB’s developing member countries (DMCs).
ILX will invest on behalf of Dutch pension provider APG Asset Management, said a press release.
“We are thrilled to partner with ILX to mobilize financial resources that will help developing countries to meet their SDGs,” said ADB Director General for Private Sector Operations Suzanne Gaboury.
“Expanding partnerships with institutional investors like ILX and ADB’s strong track record of investing for development impact will make a meaningful contribution particularly to climate action in our region.” added Suzanne.
“The partnership demonstrates our shared commitment to fostering sustainable and inclusive growth in Asia and the Pacific,” said ILX Chief Investment Officer Elvira Eurlings.
“We look forward to working with ADB, and with other institutional investors as they play an increasingly important role in providing finance to help countries in emerging markets meet climate and other development goals”, Elvira said.
In 2021, ADB elevated its ambition to provide $100 billion in cumulative climate finance to its DMCs from 2019 to 2030. It has committed to ensure that at least 75 percent of ADB projects address climate change mitigation and adaptation efforts by 2030.
Based in Amsterdam, ILX creates large-scale investment opportunities in global development finance that directly contribute to sustainable development across emerging markets.
ILX Fund I invests in private sector loans arranged by multilateral development banks and development finance institutions. Launched with a $750 million commitment from APG Asset Management, ILX Fund I targets a total fund size of $1 billion.
