ADB to invest $20 million in AmInvestment's Asia Water Fund
The Asian Development Bank (ADB) has announced that it will be committing $20 million to the Asia Water Fund, a vehicle backed by AmInvestment Group of Malaysia targeting investments into water and wastewater assets in mainland China and Southeast Asia.
The International Finance Corporation (IFC), which was previously contemplating a similar commitment to the fund, has now apparently decided to make an equivalent investment. The Asia Water Fund is targeting a total of $100 million, with a first closing, ostensibly from the two anchor policy investors, due by the end of this year. The fund will make investments of $5-10 million per deal, with roughly 70% of its capital allocated to China.
"By taking part in the fund, ADB will catalyze more private investment in mainstream water sector development in Asia, which in turn will help spur sustainable growth and improve living standards in the region," said Robert van Zwieten, Director in ADB's Private Sector Operations Department.
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