JAKARTA, Oct. 17 (Xinhua) -- Indonesia and Kenya have signed the Articles of Agreement for the G20 Global Blended Finance Alliance (GBFA), aiming at supporting climate project financing and achieving sustainable development goals.
The signing took place in Jakarta on Thursday, with the attendance of Indonesia's Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan and Kenyan Prime Cabinet Secretary Musalia Mudavadi.
Luhut said that Indonesia and Kenya face similar urgent challenges regarding sustainable development, climate action, and equitable growth, all of which require substantial financial support.
"By combining public, philanthropic, and private sector capital, the G20 Bali GBFA can help de-risk investments, create new markets, and unlock the trillions needed to close the financial gaps," Luhut said during his opening remarks.
He emphasized the need for collaboration between the public and private sectors to address the significant financing needs of future generations.
The GBFA is an international platform initiated by Indonesia in Bali to assist developing countries in accelerating and enhancing investment in climate action and sustainable development.
Recognized by leaders of the G20 nations, the platform has gathered over 62 projects, with commitments exceeding three billion U.S. dollars. ■
