Managed by the Asian Development Bank, the multi-donor Asia-Pacific Project Preparation Facility (AP3F) will prioritise PPP infrastructure projects with regional cooperation, sustainable development and climate change elements.

Ryuichi Kaga, head of ADB’s Office of Public-Private Partnerships, said the ADB is pleased to launch the facilities operations and boost support to the bank’s developing member countries in their efforts to attract private sector participation in infrastructure.

“Improving the quality and delivery of infrastructure projects will create investment opportunities for the private sector, a key partner for addressing Asia’s massive infrastructure needs,” Kaga highlighted.

The facility will work to support governments in project preparation through due diligence and advisory work covering technical, financial, legal and regulatory issues as well as safeguards.

It can also provide capacity, policy development and project operation support, including monitoring and restructuring work for existing projects.

The establishment of the $73m facility was announced in May 2015, since which it has received commitments from the governments of Japan, Canada and Australia for $40m, CA$20m and AU$10m respectively. The ADB will also contribute $10m and additional donors are expected to join in the future.

The ADB noted that its efforts echo those of the G20 and Asia-Pacific Economic Cooperation Forum to stress the importance of attracting private sector participation in infrastructure as a means to promote growth, expand trade and improve livelihoods.

In 2014, the G20’s finance ministers endorsed the Global Infrastructure Initiative, which is aimed at increasing long-term private investment in infrastructure.