Source: Towfiqu Barbhuiya (Pexels)

This includes a $50m loans and a $23m investment.

The Asian Development Bank (ADB) has approved a $50m policy-based loan package and a $23m project investments in support of the energy transition in Cambodia.

The $50m loan covers a $40m loan from ADB’s concessional resources, and a $10m loan from the ASEAN Infrastructure, under its ASEAN Catalytics Green Finance Facility (ACGF).

Read more: ADB, Mongolia sign deal for $2m fund for renewable heating systems

The $23m infrastructure investments, meanwhile, consist of a $6m loan from the Climate Investment Fund’s Scaling Up Renewable Energy Program for Cambodia, and a $5m grant in concessional climate finance. In addition, the Green Climate Fund will also extend a $12m loan through the ACGF Green Recovery Program.

“The program combines policy reforms and project investments that will mutually support each other to maximize gains,” ADB Unit Head for Sovereign Energy Operations (Greater Mekong Subregion) Pradeep Tharakan said.

“This is expected to pave the way for public and private sector investments in critical new technologies, such as energy efficiency and storage. It will also help set clean energy targets for the country, and integrate improved power development and energy use planning across sectors, including climate-proofing critical infrastructure.”