“The program will help roll out more green buses onto the streets by easing the funding bottleneck of financial leasing companies and bus operators,” said Philip Erquiaga, Director General of ADB’s Private Sector Operations Department. The project is expected to finance the leasing of at least 5,000 buses by 2018. From 2019, it will help avoid GHG emissions of 1.31 million tons per annum, besides benefiting millions of low-income commuters.
Several leasing companies have shown significant interest in participating in the program. ADB, through its contacts with provincial and local governments, is also helping leasing companies reach potential clients who are adding clean buses to their fleets.
This is ADB’s first nonsovereign loan program to support sustainable transport in PRC, and is fully in line with the $175 billion commitment of multilateral development banks made during the Rio+20 Summit for transport in developing countries from 2012 to 2022.