The Asian Development Bank (ADB) will establish a trust fund to promote and integrate high-level technology (HLT) to implement its projects for Asia and the Pacific.

The HLT Fund will in operation by July. Japan will be the first donor of the fund, reports BSS on Saturday citing an ADB release. 

The fund will give grants for technical assistance projects, investment projects, and recruitment of technology experts to promote the integration of HLT and innovative solutions to identify and implement ADB-financed and administered sovereign and non-sovereign projects. 

It will encourage adoption of HLT on a bigger scale to address development challenges in ADB's developing member countries.

ADB intends to enhance its use of HLT in areas such as climate change, smart grids, mass energy storage, energy efficiency, renewable energy, toll/ticketing systems, intelligent transport systems, mass transit, smart cities, waste-to-energy technology, desalination, and remote sensing technology. 

"Enhancing the quality of infrastructure is important in realising sustainable economic growth. Japan welcomes and supports ADB's initiative to incorporate advanced technologies into projects." said Taro Aso, Japan's Deputy Prime Minister and ADB Governor.

Aso said it in his speech during the opening session of the 50th Annual Meeting of ADB's Board of Governors in Yokohama. 

"Japan has been promoting quality infrastructure in Asia, collaborating closely with ADB. To further strengthen the partnership, Japan will provide $40 million over 2 years to the new trust fund for HLT," he added. 

ADB President Takehiko Nakao said, "Many developing member countries find it challenging to introduce HLT in their countries due to lack of resources and limited institutional experience". 

"ADB appreciates Japan's support in the establishment of the much needed HLT Fund. This will pave the way for promoting more advanced and cleaner technology in our operations," he added.

A new procurement framework, approved by the ADB Board of Directors on 12 April, will place more weight on quality and help promote HLT facilities in ADB-financed projects.