THE Japan International Cooperation Agency (JICA) said it committed up to $65 million to an infrastructure debt fund managed by US investment firm BlackRock that will finance energy transition projects across Southeast and South Asia.
In a statement dated Oct. 9, JICA said it signed a subscription agreement with the Emerging Asia Infrastructure Credit (EAIC) Fund on Sept. 28, with the investment announced during the Asia Zero Emission Community Business Forum in Manila on Oct. 8.
Its commitment includes up to $25 million in the catalytic tranche through the Private Capital Mobilization Financing (PCMF) and up to $40 million in the senior tranche through Private Sector Investment Finance.
JICA said the fund forms part of the Industrial Transformation program under the Singapore Government’s Financing Asia’s Transition Partnership (FAST-P) initiative.
The project is also a co-investment with the International Finance Corp. (IFC), British International Investment, the Singapore Government through FAST-P, and private investors including MUFG Bank, Ltd.
In May, the IFC disclosed a commitment of up to $50 million to the fund.
The EAIC Fund, which hopes to raise $750 million in capital, seeks to provide debt financing to private sector projects supporting industrial decarbonization and low-carbon growth in emerging Asian economies, the IFC said.
“The Fund will primarily invest in emerging Southeast Asia with key markets being Indonesia, Malaysia, the Philippines, Thailand, Vietnam, Laos, and Cambodia. Up to 20% of the Fund may be invested in South Asia focusing on India, Sri Lanka, and Bangladesh,” it added.
JICA said the investment aims to promote energy transition and reduce greenhouse gas emissions by financing infrastructure projects and companies, particularly in hard-to-abate sectors.
“The project thereby contributes to the transition toward low-carbon economies in the region,” it added.
The project is JICA’s first transaction for Asia under its PCMF, a new scheme launched in August 2025 to make catalytic investments in funds to attract private capital. — Justine Irish D. Tabile