The FINANCIAL — The Asian Development Bank (ADB) signed on January 10 a $75 million loan with Everbright Financial Leasing (EFL) to put more low-emission buses on city roads in the People’s Republic of China (PRC).
The agreement was signed by Michael Barrow, Director General of ADB’s Private Sectore Operations Department, and Jingbin Shi, EFL’s Vice President. After Far East Horizon and Industrial Bank Financial Leasing, EFL is the third and final leasing company to receive funding under the $275 million Clean Bus Leasing program approved by ADB’s board in 2013, according to ADB.
“The agreement signed today with EFL will increase the quality of life for commuters, improve air quality, and reduce overall carbon emissions,” said Mr. Barrow. “The Clean Bus Leasing program is proof that the private sector has a critical role to play in environmentally sustainable transport solutions in the PRC.”
The project will finance leased buses that run on cleaner fuel including compressed natural gas and liquefied natural gas, as well as electric and hybrid buses. The project aims to put 5,000 clean buses on the roads by 2018, helping PRC avoid 1.31 million tons per year in greenhouse gas emissions. The program is ADB’s first nonsovereign loan program to support sustainable transport in the PRC.