Miguel Cordon · · 1 min readMAS to launch $3.5m grant initiative for blended finance projects
The Monetary Authority of Singapore (MAS) has announced that it will work with Convergence Blended Finance for the launch of a S$5 million (about US$3.5 million) grant program for early-stage projects in the blended finance space, Fintech News Singapore reported.
Blended finance involves the attraction of commercial capital to projects centered around sustainability.
Announced during the Transition Finance Towards Net Zero conference, MAS said the Asia Climate Solutions Design Grant will also be funneled into high-impact target sectors in Asia, including climate adaptation and mitigation as well as sustainable agriculture.
The conference also saw GFANZ Asia-Pacific Network announcing the development of its guidance for financial institutions for facilitating coal power generation in the region.
MAS will also be joining this initiative alongside the Asian Development Bank. The Singapore central bank also urged other interested financial institutions to participate and contribute to the effort.
Currency converted from Singapore dollar to US dollar: US$1 = S$1.43.
Editing by Lorenzo Kyle Subido
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