World Bank and Japan launch first DRIVE energy resilience project in Asia
IFC and JICA back a Singapore-based fund targeting $750 million for cleaner energy and efficiency projects across Southeast and South Asia.
The story in focus
The World Bank Group announced the first project under its DRIVE framework with Japan: an IFC investment of up to $50 million in the Emerging Asia Infrastructure Credit Fund, a privately managed fund targeting $750 million for cleaner energy and efficiency projects in Southeast and South Asia.
- DRIVE was launched in June 2026 to complement Japan's $10 billion POWERR Asia partnership.
- IFC is investing up to $50 million in the Emerging Asia Infrastructure Credit Fund alongside JICA.
- The fund, managed by Global Infrastructure Partners under BlackRock, targets $750 million.
What the first project involves
The first project under the Dynamic Response for Invigorating Value Chains and Energy Security (DRIVE) framework is an investment in the Emerging Asia Infrastructure Credit Fund, set up under a Singapore government initiative to support Asia's shift to cleaner energy.
The privately managed fund is targeting $750 million to finance investments that cut carbon emissions and improve energy efficiency across Southeast and South Asia. Global Infrastructure Partners, part of BlackRock, manages it and will provide financing to private companies investing in cleaner technologies and industrial transformation.
The International Finance Corporation, the World Bank Group's private sector arm, is investing up to $50 million, alongside the Japan International Cooperation Agency.
Partnership background and next steps
DRIVE was launched in June 2026 by World Bank Group President Ajay Banga and Japan's Minister of Finance Katayama Satsuki to complement Japan's US$10 billion Partnership on Wide Energy and Resources Resilience Asia (POWERR Asia). It combines World Bank Group financing and expertise with Japan's development finance to help countries respond to energy and supply chain disruptions.
The two sides said they will pursue further opportunities under DRIVE and POWERR Asia with Japanese partners including JICA and the Japan Bank for International Cooperation, drawing on public and private financing, risk-sharing instruments and technical expertise.
How large is the first DRIVE investment and who is involved?
IFC is investing up to $50 million in the Emerging Asia Infrastructure Credit Fund alongside JICA. The fund, managed by Global Infrastructure Partners under BlackRock, is targeting $750 million for cleaner energy and efficiency projects.
Sources & further reading
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