Indonesia to accelerate discussion on GBFA programs

Badung, Bali (ANTARA) - The Indonesian Government is planning to expedite discussion about programs related to the Global Blended Finance Alliance (GBFA), with the aim of actualizing climate projects and achieving sustainable development goals (SDGs).

"On June 6, we will meet virtually to talk about the programs," Indonesian Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan remarked in a press conference during the 10th World Water Forum in Badung, Bali, on Tuesday.

He noted that several countries had expressed interest in the Indonesia-pioneered GBFA and keenness to formulate follow-up programs. The minister revealed that the programs would be incorporated in the Global South cooperation programs related to a range of matters, such as water issues, poverty, and stunting.

"Indonesia now has a platform (the GBFA) to help address the financing gap occurring in developing countries. This demonstrates Indonesia's leadership and achievements made by President Joko Widodo in his 10 years of presidential tenure," he pointed out.

The initiative to establish the GBFA was put forward during the G20 Summit held in Bali in November 2022. In addition to Indonesia, the GBFA membership encompasses the United Arab Emirates, Fiji, France, Sri Lanka, the Democratic Republic of Congo, Kenya, Luxembourg, and Canada.

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Earlier, on Monday (May 20), Indonesia launched the Secretariat of the GBFA located within the Sanur Special Economic Zone of Health in Denpasar City, Bali. The GBFA is present as an innovative initiative that is expected to promote the implementation of the principles of blended finance to support transition to eco-friendly energy resources in developing and island countries.