Category: Trading

SEOUL, Dec 21 (NNN-YONHAP) – South Korea’s export fell in the first 20 days of Dec, leading to a successive trade deficit, customs office data showed, today.

 

Export came to 33.64 billion U.S. dollars, during the Dec 1-20 period, down 8.8 percent compared to the same period of last year, according to Korea Customs Service.

 

The outbound shipment kept a downward trend after sliding 5.8 percent in Oct and 14.0 percent in Nov.

 

During the 20-day period, semiconductor export tumbled 24.3 percent, and those for steel products, mobile devices and precision machinery declined in double digits.

 

Shipment for automobiles and oil products posted a double-digit increase in the cited period.

 

Export to Vietnam and Japan declined in double figures, while shipments to the United States and the European Union grew 16.1 percent and 1.2 percent each.

 

Import added 1.9 percent from a year earlier to 40.06 billion dollars, in the Dec 1-20 period.

 

Import for the country’s three major energy sources, including crude oil, natural gas and coal, stood at 11.43 billion dollars in the 20-day period, up 38.8 percent from a year earlier.

 

The trade deficit amounted to 6.42 billion dollars for the first 20 days of Dec. The trade balance stayed in red for the eighth consecutive month through Nov.

 

 

Source: NAM NEWS NETWORK

MANILA, PHILPPINES (21 December 2022) — The Asian Development Bank (ADB) has approved a $5 million grant to help fund the preparation of ADB-supported clean energy projects in the Federated States of Micronesia (FSM).

The grant will fund assessments, planning, and capacity building to promote energy efficiency and implement clean energy projects including solar and hydro. ADB is providing $5 million from its Asian Development Fund (ADF) for the grant, while the Government of the FSM is contributing $500,000 in-kind support. ADF provides grants to ADB’s poorest and most vulnerable developing member countries.

“The project readiness financing (PRF) will create an enabling environment for the introduction of innovative technology solutions and business models for clean energy projects. This will help resolve medium-term challenges, including reliable access to affordable electricity while accelerating the FSM’s clean energy transition,” said ADB Principal Energy Specialist for the Pacific Len George.

Each state in the FSM is served by a state-owned utility that generates, distributes, and supplies electricity. Some utilities also offer services including water, sewerage, and telecommunications. The decentralized structure imposes constraints on standardized design, procurement, and staff training that impact cost and service delivery.

The PRF will expedite the preparation of clean energy projects with cross-sectoral benefits, including access to drinking water through support for feasibility studies, engineering designs, and advance procurement; small-scale pilot-testing of relevant commercially deployable clean energy technologies; assistance with coordination for national clean energy investments and strengthening the capacity of utilities and key agencies in the energy sector.

The projects advanced under ADB’s PRF will contribute to the FSM’s Strategic Development Plan, 2004–2023 and will align with the FSM’s priorities of 100% electricity access and a shift toward clean energy sources.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.

 

 

Source: Asian Development Bank

HA NOI, VIET NAM— The Asian Development Bank (ADB) signed a $107 million financing project with BIM Wind Power Joint Stock Company (BIM Wind) to support the operation of an 88-megawatt (MW) wind farm in Ninh Thuan province, Viet Nam.

The power plant will help Viet Nam reach its clean energy and climate action targets by offsetting about 215,000 tons of carbon dioxide annually.

This innovative $107 million project financing is arranged and syndicated by ADB as mandated lead arranger and bookrunner, and comprises $25 million from ADB’s ordinary capital resources, $25 million from Japan International Cooperation Agency, $13 million from Hong Kong Mortgage Corporation Limited, $17 million from Sumitomo Mitsui Banking Corporation, $18 million from ING Bank, and $9 million from Cathay United Bank.

“Energy demand in Viet Nam has grown rapidly even during the pandemic, and it is crucial that this demand be met through clean energy that will drive sustainable economic growth,” said ADB Private Sector Operations Department Infrastructure Finance Division Director for East Asia, Southeast Asia, and the Pacific Jackie B. Surtani. “This project is a crucial step toward Viet Nam’s resilience and ongoing recovery by further expanding the country’s renewable energy mix and contributing to its net-zero targets.”

ADB will also administer an additional $5 million grant from the Goldman Sachs and Bloomberg Philanthropies-backed Climate Innovation and Development Fund to help de-risk the investment. Specifically, the grant will be used for initiatives to mitigate environmental and social safeguards risks such as reducing shadow flicker impact on residents in the project locality and the preservation of wildlife habitat.

“We are very honored to receive financing from a leading development finance institution in Asia as well as international commercial banks. We have worked very hard with ADB and other lenders to meet international standards, especially in regards to Environment, Social, and Governance,” said BIM Wind JSC CEO Doan Quoc Huy. “The success of this transaction supports Viet Nam’s transition to a low carbon economy. We continue to pursue our mission toward the sustainable development of clean energy in Viet Nam.”

BIM Wind is jointly owned by ACEN Corporation through its subsidiary, ACEN Vietnam Investments Pte. Ltd., and the BIM Group through its subsidiary, BIM Energy Holding Corporation (BIMEH). ACEN and BIM Group have been developing renewable energy projects since 2019. ACEN has 3,700 MW of attributable energy capacity in operation and under construction in Australia, India, Indonesia, the Philippines, and Viet Nam, with a renewable share of 93% among the highest in the region. ACEN is a subsidiary of Ayala Corporation, one of the largest and most diversified conglomerates in the Philippines. BIM Group is one of the largest private conglomerates in Vietnam with a long-established history of 30 years with interests in real estate, hospitality, agriculture, aquaculture, renewable energy, and consumer services. BIMEH is among the top five renewable platforms in Vietnam with a gross operation capacity of close to 800 MW.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.

 

 

 

Source: Asian Development Bank

ULAANBAATAR, MONGOLIA— The Asian Development Bank (ADB) and the Government of Mongolia signed a $2 million grant to increase efficient and renewable energy heating systems in remote areas in Mongolia.

 

ADB will administer the $2 million grant financing from the Japan Fund for Prosperous and Resilient Asia and the Pacific (JFPR), which has supported projects in Mongolia in poverty alleviation, livelihood improvement, and environment safeguards over the past 20 years. JFPR is funded by the Government of Japan.

 

“Adequate heat supply is vital in Mongolia, which can experience extreme low temperatures of -40 degrees Celsius or below,” said ADB Principal Energy Specialist for East Asia Shannon Cowlin. “The project will not only improve air quality with significant impact to public health. It will also demonstrate the viability of renewable heating systems in Mongolia’s rural areas and build capacity among leaders and the community to reduce coal usage.”

 

Mongolia has taken steps to increase the share of renewable energy in its power supply. However, the majority of Mongolians still use coal as their main heat source, either through coal-fired plants, boilers, or household stoves. These methods have led to high levels of unhealthy air pollutants and greenhouse gas emissions.

 

The $2 million grant will support the design, procurement, and installation of more sustainable heating systems in the country. The project will focus on hospitals and health care centers in soum centers—Mongolian pasturelands—as they are critical for the community and have continuous heating and hot water requirements. The buildings will also be retrofitted with energy efficiency measures to reduce heating demand.

 

The project aims to spread awareness on the value of efficiency measures and cleaner heating systems, as well as ways to install and maintain them, among government officials and heating technicians.  The project will also train community members—in particular, women—on measures that can be adopted in residences to reduce residential coal use and associated emissions.

 

The project will be completed by 2025.

 

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.

 

 

Source: Asian Development Bank

TASHKENT, UZBEKISTAN (19 December 2022) — The Asian Development Bank (ADB) signed a financing package of up to $8.39 million with Nephrocare Health Services Central Asia LLC (NephroPlus) to establish four dialysis centers as part of a public–private partnership (PPP) arrangement to enhance health care service delivery in Uzbekistan. The transaction represents ADB’s first financing of private health care in Uzbekistan and supports the country’s first international health care PPP.

The financing comprises a loan of up to $5.03 million from ADB’s ordinary capital resources and administration by ADB of a loan of up to $3.36 million from the Leading Asia’s Private Infrastructure Fund (LEAP). The funds will primarily be used by NephroPlus to design, build, operate and maintain the dialysis centers in Tashkent city, the Republic of Karakalpakstan, and the Khorezm region as part of a PPP arrangement with the Ministry of Health of the Republic of Uzbekistan. The dialysis center in Tashkent will have 160 dialysis machines, making it one of the world’s largest dialysis centers.

“Dialysis allows people with chronic kidney disease (CKD) to lead productive lives,” said ADB Private Sector Operations Department Investment Specialist Amanda Tan. “The need for dialysis services in Uzbekistan has far outstripped supply, especially during the COVID-19 pandemic, so this project will improve the availability and accessibility of much-needed dialysis services in the country. This project demonstrates how the private sector can play a role in closing critical gaps in health care service delivery.”

An estimated 30,000 patients currently suffer from CKD in Uzbekistan, with an estimated shortage of over 3,500 dialysis machines in the country. The four new centers will deliver quality dialysis care for at least 1,100 patients including hemodialysis and peritoneal dialysis services. The government will pay the fees for these services.

ADB will also support NephroPlus to develop and implement a gender action plan to increase women’s participation in technical and skilled work in the dialysis treatment centers through specific training, and to enhance gender equality measures in its workplaces. NephroPlus also aims to ensure women make up half of the personnel trained to use dialysis machines and to conduct dialysis treatment.

“We are pleased to introduce peritoneal dialysis for the very first time in Uzbekistan to improve access to dialysis for patients in rural areas. We are happy to be the private partner for Uzbekistan’s first international health care PPP, and to embark on a relationship with an international financier such as ADB as we continue to grow our operations,” said NephroPlus Chief Executive Officer Vikram Vuppala.

Nephrocare Health Services Central Asia LLC is a subsidiary of Nephrocare Health Services Private Limited, one of the largest providers of dialysis services in Asia and the Pacific with more than 300 centers. Its services include in-center dialysis, peritoneal dialysis, Dialysis on Call, Dialysis on Wheels, and Holiday Dialysis. The company designs, builds, and operates centers that provide high-quality and affordable dialysis services in India, Nepal, Uzbekistan, and the Philippines to enable patients on dialysis to lead healthy, happy and productive lives.

LEAP is an ADB-managed fund capitalized with a $1.5 billion commitment by the Japan International Cooperation Agency. Established in 2016, LEAP focuses on delivering high-quality and sustainable private sector infrastructure projects that reduce carbon emissions, improve energy efficiency, and offer accessible and affordable health care, education, and communication services to ADB’s developing member countries.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.

 

 

Source: Asian Development Bank

MANILA, PHILIPPINES (19 December 2022) — The Asian Development Bank (ADB) has signed an equity investment of up to $30 million in Growtheum Capital Partners SEA Fund I LP (GCP SEA Fund I, the fund) to provide equity capital to socially responsible, middle-market Southeast Asian companies poised for growth in the financial services, health care, education, digital services, and consumer sectors.

It is Growtheum’s first fund, and will help spur the growth of middle-market companies in countries with rapidly growing populations, helping to create development benefits including new jobs, higher incomes, and larger tax revenues.

“The rapid growth of Southeast Asian economies presents huge opportunities but can also mask inequalities such as access to affordable health care, education, and financial services,” said ADB Director of Private Sector Investment Funds and Special Initiatives Division Janette Hall. “By partnering with Growtheum’s dedicated business management team and investing in GCP SEA Fund I, ADB will help to fill some of these gaps. This investment will support profitable businesses to scale strategically and responsibly, while driving inclusive job creation, especially for women.”

GCP SEA Fund I aims to make 8-12 equity investments in middle-market companies of between $50 million and $125 million each, and up to $250 million for larger transactions requiring co-investment capital. ADB’s participation will catalyze new third-party institutional capital to help the fund achieve its target size of $600 million–$800 million.

Established in 2021 and headquartered in Singapore, Growtheum is a private equity firm targeting investments primarily in Southeast Asia. To date, Growtheum has raised more than half of the targeted $600 million–$800 million, for its first fund dedicated to investing in growth companies in Southeast Asia.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.

 

 

Source: Asian Development Bank