This week the Minister for Foreign Affairs, Julie Bishop, and I announced that Australia will provide $10 million to the Asian Development Bank’s Asia Pacific Project Preparation Facility (AP3F).
The Asian Development Bank estimates that over this decade, there will be an $8 trillion infrastructure financing gap in the Asian region. That is $8 trillion of unmet demand.
The AP3F will prepare a pipeline of public-private partnership infrastructure projects to attract and secure financing from private sector sources.
The AP3F will help remove impediments to private sector investment by supporting project design, conducting quality due diligence, and assisting with preparing, structuring and placing of projects with private investors.
Funding for the AP3F will support infrastructure projects from the early planning phase, right through to attracting private financing, to fund projects more likely to succeed.
Australia’s support for the Asian Development Bank’s AP3F initiative underscores our commitment to lift investment in global infrastructure, a critical component to ensuring economic growth and poverty alleviation.
Australia has a strong infrastructure investment legacy from our leadership during our G20 Presidency in 2014, which will deliver greater growth in infrastructure for Australia and the world.