2026.10.09
On September 28, the Japan International Cooperation Agency (JICA) signed a subscription agreement with the Emerging Asia Infrastructure Credit Fund SCSp (EAIC Fund), which is managed through the infrastructure credit platform of Global Infrastructure Partners, a part of BlackRock, one of the largest asset managers in the world. On October 8, JICA announced the signing at the Asia Zero Emission Community (AZEC) Business Forum*1 held in Manila, the Republic of the Philippines.
Mr. Suzuki, Senior Deputy Director General of JICA (right) and Mr. Kaczmarek, Managing Director of BlackRock (left), at the AZEC Business Forum
Mr. Hara Shohei, Senior Vice President of JICA
This project involves an investment in the EAIC Fund, which forms part of the Industrial Transformation programme under the Financing Asia's Transition Partnership (FAST-P) initiative by the Singapore Government. This project is a co-investment project with the International Finance Corporation (IFC), which is a member of the World Bank Group focused on the private sector, British International Investment (BII), the Singapore Government through FAST-P, and private investors including MUFG Bank, Ltd.
Japan is promoting the Asia Zero Emission Community (AZEC), a cooperation framework toward net-zero emissions across the region together with the other ten partner countries. Through this investment, the project will support industrial transition across the region.
This project is the first transaction for Asia under JICA's Private Capital Mobilization Financing, also known as JICA Blended Finance Window, a new scheme launched in August 2025 to make catalytic investments in funds to attract private capital. Under this project, JICA will make an investment in the “catalytic tranche” to mitigate risks to private investors. The project will also be implemented in combination with an investment in the “senior tranche” through Private Sector Investment Finance to complement private capital, thereby further helping to mobilize private capital. The project was also welcomed in the Joint Statement of the 4th AZEC Ministerial Meeting held on October 8. In addition, the project will also contribute to the Partnership on Wide Energy and Resources Resilience Asia (POWERR Asia).
JICA will continue to further strengthen its efforts to mobilize private investors from Japan and other countries through various cooperation tools, based on the Japan’s key policy such as AZEC and POWERR Asia.
The project outline is explained below.
1. Investee
Emerging Asia Infrastructure Credit Fund SCSp
2. Country (Target Areas)
Southeast and South Asia
3. Commitment Amount
Up to USD 65 million (up to USD 25 million in the catalytic tranche through the Private Capital Mobilization Financing and up to USD 40 million in the senior tranche through Private Sector Investment Finance)
4. Project Title
Asia Transition Finance Acceleration Project
5. Project Purpose / component
The objective of the Project is to promote energy transition and reduce greenhouse gases (GHG) emissions in Southeast and South Asia through investment in a debt fund that provides financing to infrastructure projects and infrastructure companies, particularly in hard-to-abate sectors. The Project thereby contributes to the transition toward low-carbon economies in the region.
6. Contribution to SDGs
Goal 7（Affordable and clean energy ）
Goal 9（Industry, innovation and infrastructure）
Goal 13（Climate Action）
7. Reference
Project overview:
Sns share!
