Asian countries, involving the Philippines, will be able to benefit from an $800 million fund allocated for renewable energy and energy efficiency programs. The funds are provided by the African Development Bank, Asian Development Bank, European Bank for Reconstruction and Development, Inter-American Development Bank, International Finance Corp. and the World Bank under the Clean Technology Fund (CTF) for Asia of the Climate Investment Funds (CIF).
The Philippines was required to submit an investment plan that was approved by them. This then allowed the Philippines to tap over $250 million in CTF co-financing for projects aimed at maintaining and increasing renewable energy projects and to implement the National Environmentally Sustainable Transport Strategy.
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