On September 28, the Japan International Cooperation Agency (JICA) announced that signed an investment agreement for the Emerging Asia Infrastructure Credit Fund SCSp (EAIC Fund), which is managed by Global Infrastructure Partners (GIP)—a subsidiary of BlackRock, one of the world’s largest asset management firms—through its Infrastructure Credit Platform. Furthermore, JICA announced this investment at the Asia Zero-Emission Community (AZEC) Business Forum*1 held in Manila, Republic of the Philippines, on October 8.
* 1. A forum held in conjunction with the AZEC Ministerial Meeting—a framework proposed by Japan for cooperation among partner countries, including Japan, toward achieving net-zero emissions in the Asian region—that brought together ministers and senior government officials from ASEAN countries, international organizations, and major corporations gathered to discuss policies and directions for cooperation regarding energy security and the energy transition.
JICA Executive Director Suzuki (right) and BlackRock Managing Director Kaczmarek (left) speaking at the AZEC Business Forum; former JICA Director Hara signing the investment agreement
The EAIC Fund is a blended finance fund established as part of the Industrial Transformation Program under “FAST-P (Financing Asia’s Transition Partnership),” an initiative promoted by the Singapore government to mobilize private capital for Asia’s decarbonization. JICA will invest in this fund in collaboration with domestic and international public institutions and private investors, including the International Finance Corporation (IFC) of the World Bank Group, the UK International Investment Corporation (BII), the Singapore government, and Mitsubishi UFJ Bank.
Japan is promoting the AZEC—a framework for cooperation toward net-zero emissions in Asia—together with 10 other partner countries. Through this investment, Japan will promote investment in the decarbonization sector across Asia, including among AZEC partner countries, and support the transition to a decarbonized industrial sector.
Under this initiative, we aim to attract more private capital to Asia’s decarbonization efforts by combining investments in the “catalyst tier”—which plays a role in mitigating the risks of private investment through JICA’s “Private Sector Mobilization Operations,” announced in August 2025— as well as investments in the “senior tier” through overseas investment and financing that complements private investment, with the aim of attracting more private capital to support decarbonization in Asia.
This project was also welcomed in the joint statement issued at the 4th AZEC Ministerial Meeting held on October 8. Furthermore, this project contributes to the “Partnership for Strengthening Asia’s Energy and Resource Supply Resilience” (commonly known as “Power Asia”).
Moving forward, JICA will continue to build on key Japanese policies such as AZEC and Power Asia, and will further advance efforts to mobilize private-sector capital from Japan and other countries to address development challenges through a variety of cooperation methods.
・Portfolio Companies
Emerging Asia Infrastructure Credit Fund SCSp
・Country (Target Region)
Southeast Asia and South Asia
・Amount Invested
Up to 65 million U.S. dollars (up to 25 million U.S. dollars for the catalyst tier through private-sector mobilization activities, and up to 40 million U.S. dollars for the senior tier through overseas investment and financing)
・Project Name
Asia Transition Finance Promotion Project
・Business Objectives/Overview
This project aims to promote the energy transition and reduce GHG emissions in Southeast Asia and South Asia—regions where rapid decarbonization is particularly challenging—by investing in funds that provide financing to infrastructure and infrastructure-related companies focused on industries in the “hard-to -abate sectors) in Southeast and South Asia. By investing in funds that provide financing to infrastructure and infrastructure-related companies in these sectors, the project aims to promote the energy transition and reduce GHG emissions in the region in collaboration with private investors, thereby contributing to the region’s transition to a low-carbon economy.
・Contributing to the SDGs
Goal 7 (Affordable and Clean Energy for All)
Goal 9 (Build the Foundations for Industry and Innovation)
Goal 13 (Take concrete action on climate change)
The overview of this project is as follows.
© Source JICA