MELBOURNE, March 5 — Australian Prime Minister Anthony Albanese has announced a billion-dollar fund to boost clean energy investment in Southeast Asia.
In a speech to the chief executive officer (CEO) Forum at the 2024 Asean-Australia Special Summit in Melbourne, Albanese unveiled the AU$2 billion Australian dollar (RM6.13 billion) Southeast Asia Investment Financing Facility.
Xinhua reported the fund, which will be managed by the government agency Export Finance Australia (EFA), will provide loans, guarantees, equity, and insurance to bolster two-way trade and investment with Asean member nations and support the clean energy transition.
"Australia and Southeast Asia must together face this moment with a sense of optimism and urgency.
"Acting on climate change is an environmental necessity for our region; it is also a transformative economic opportunity," he said.
Albanese added that two-way trade between Australia and Asean members passed AU$178 billion (RM545.8 billion) in 2022, making the bloc the country's second-largest trading partner behind China.
In addition to the new financing facility, Albanese announced an extra AU$140 million (RM429.3 million) over the next four years for the existing Partnerships for Infrastructure Program, which funds and supports sustainable infrastructure projects in Southeast Asia.
— Bernama
