Current Affairs PDF

ISA-ADB, NDB, GCF, AfDB and AIIB ink joint declaration of Financial partnership

AffairsCloud YouTube Channel - Click Here

AffairsCloud APP Click Here

On 10th March 2018, International Solar Alliance (ISA) and African Development Bank (AfDb), Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), Green climate fund (GCF), and New Development Bank (NDB) signed Joint financial partnership declarations.

ISA-ADB, NDB, GCF, AfDB and AIIB ink joint declaration of Financial partnership:

The International Energy Agency (IEA) also inked a Joint partnership Declaration with the ISA.ISA-ADB, NDB, GCF, AfDB and AIIB ink joint declaration of Financial partnership

  • Arun Jaitley, Union Minister of Finance and Corporate Affairs and R.K. Singh, Minister of State (I/C) for Power and New and Renewable Energy were present at the occasion.
  • The agreements are aimed to deepen their cooperation to support Renewable Energy.
  • ISA and ADB have joined together to promote Solar Energy in Asia and the Pacific, through solar power generation, solar based mini-grids, and transmission systems dedicated for integrating solar energy into the grids and other future programs introduced by ISA.
  • AIIB and ISA both have tied up to promote Solar Energy in prospective ISA member countries where AIIB has its operations.
  • ISA and GCF encourage the development of affordable, reliable and sustainable solar energy as a major measure leading to sustainable and inclusive economic growth.
  • AfDB along with ISA aims to work on mobilization of concessional financing through its Sustainable Energy Fund for Africa and the Facility for Energy Inclusion.
  • The New Development Bank aims to mobilize resources for infrastructure and sustainable development projects in Brazil, Russia, India, China, and the Republic of South Africa (BRICS) and other developing economies and countries.
  • The International Energy Agency (IEA) is an autonomous agency under the framework of the Organisation for Economic Co-operation and Development (OECD).
  • The focus areas of IEA are: energy security, economic development, environmental awareness and engagement worldwide.

About International Solar Alliance (ISA):

  • Signatory Countries – 60
  • Objective – to collectively address key common challenges to the scaling up of solar energy in line with their needs