The Asian Development Bank has approved USD 499.6 million loan for a green financing platform in China targeting the air pollution in several parts of the country.
The platform -- the first of its kind for greater Beijing area -- will mobilise domestic financing for many sectors, including energy, transport and agriculture to improve air quality, an ADB statement said.
The targeted region includes Beijing, Tianjin, and the provinces of Hebei, Henan, Shandong, Shanxi, Liaoning and Inner Mongolia Autonomous Region.
Small and medium-sized enterprises (SMEs), which account for about 60 per cent of industrial pollution, lack the experience to tackle pollution as well as access to commercial credit to switch to cleaner processes, the bank said.
The green financing platform is expected to overcome critical barriers and result in easy access to commercial credit for SMEs, state-run Xinhua news agency reported.
Last year, the ADB approved a loan of USD 300 million for regulatory reform in Hebei Province, which has the worst air pollution in China.
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