Indonesia Accelerating Debate on GBFA Plans: Pandjaitan

Badung, Bali (ANTARA) – The Indonesian government plans to accelerate projects related to the Global Blended Finance Alliance (GBFA) with the aim of implementing climate projects and achieving the Sustainable Development Goals (SDGs).

„On June 6, we will almost meet to talk about the programs,” Indonesian Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Bandjaitan noted at a press conference during the 10th World Water Forum in Padung, Bali on Tuesday.

He noted that several countries have expressed interest in Indonesia’s predecessor, the GBFA, and are interested in devising follow-up plans.

The Minister said that the Global South cooperation programs will include projects related to various issues such as water issues, poverty and underdevelopment.

„Indonesia now has a platform (GPFA) to help address the financial gap in developing countries. This highlights the achievements of Indonesia’s leadership and President Joko Widodo during his 10-year presidency,” he pointed out.

The initiative to establish the GBFA was put forward during the G20 summit held in Bali in November 2022.

Besides Indonesia, GBFA membership includes the United Arab Emirates, Fiji, France, Sri Lanka, Democratic Republic of Congo, Kenya, Luxembourg and Canada.

Earlier, on Monday (May 20), Indonesia launched the GPFA Secretariat located within the Sanur Special Economic Zone in Denpasar, Bali.

The GBFA is an innovative initiative that is expected to promote the implementation of blended finance policies to support the transition to environmentally sound energy resources in developing and island countries.

Under the initiative, countries of the Global South can collaborate to pursue common goals by stimulating cooperation between communities and countries.

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