JICA commits $65 million to BlackRock-managed Asia infrastructure fund

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JICA commits $65M to Asia fund

Highlights

JICA committed up to $65 million to BlackRock's Emerging Asia Infrastructure Credit Fund, with $25 million in catalytic and $40 million in senior tranches.
The Emerging Asia Infrastructure Credit Fund targets $750 million to finance low-carbon infrastructure in Southeast and South Asia, focusing on Indonesia, Malaysia, and India.
The fund attracts joint backing from the International Finance Corp. ($50 million), British International Investment, Singapore's FAST-P, and MUFG Bank, aiming to mobilize private capital for decarbonization.

Fund structure and regional investment scope

As reported by BusinessWorld, citing JICA, the agency has committed up to $65 million to the Emerging Asia Infrastructure Credit Fund, an infrastructure debt vehicle managed by U.S. investment firm BlackRock. In a statement dated Oct. 9, JICA said it signed a subscription agreement with the fund on Sept. 28, and the investment was announced during the Asia Zero Emission Community Business Forum in Manila on Oct. 8.

The commitment includes up to $25 million in the catalytic tranche through Private Capital Mobilization Financing, and up to $40 million in the senior tranche through Private Sector Investment Finance. JICA said the project is part of the Industrial Transformation program under the Singapore government's Financing Asia's Transition Partnership, or FAST-P, initiative.

The fund is seeking to raise $750 million in capital and is designed to provide debt financing for private-sector projects that support low-carbon growth in emerging Asian economies. According to details cited by the International Finance Corp., the fund primarily invests in Indonesia, Malaysia, the Philippines, Thailand, Vietnam, Laos and Cambodia, while up to 20% may be allocated to South Asia, focusing on India, Sri Lanka and Bangladesh.

Decarbonization push and co-investor backing

JICA said the investment aims to promote energy transition and cut greenhouse gas emissions by financing infrastructure projects and companies across the region. It added that the initiative supports the shift toward low-carbon economies, particularly by backing sectors where emissions are harder to reduce.

The project also brings together several public and private investors, including the International Finance Corp., British International Investment, the Singapore government through FAST-P, and MUFG Bank, Ltd. In May, the IFC disclosed its own commitment of up to $50 million to the fund.

For JICA, the transaction marks its first in Asia under the Private Capital Mobilization Financing scheme, which was launched in August 2025 to make catalytic investments in funds and attract more private capital into development-oriented projects.

Our earlier article on the Philippines’ proposed 30-year Comprehensive Infrastructure Development Masterplan explained how lawmakers aim to coordinate long-term public investment across sectors such as transport, energy, water, and telecommunications, with tighter alignment to the national budget. We also outlined the planned governance and oversight structure, along with concerns raised about transparency, concentration of influence, and whether communities will have sufficient input as major projects are prioritized.

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