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World Bank and Japan launch first DRIVE project through Asia infrastructure fund

IFC plans up to $50 million for a fund targeting $750 million. Those figures describe an investment commitment and fund target, not completed energy projects or verified bill savings.

By Greener Numbers Editorial Team · Published October 15, 2026 · Updated 10/15/2026

The World Bank Group announced the first project under its DRIVE framework with Japan on October 15. The project is an investment in the Emerging Asia Infrastructure Credit Fund, intended to support cleaner energy and energy efficiency across Southeast and South Asia.

The privately managed fund targets $750 million and is managed by Global Infrastructure Partners, part of BlackRock. A fundraising target is not the amount already invested in completed projects, and it does not establish a quantity of operating power generation.

The International Finance Corporation says it is investing up to $50 million in the fund alongside the Japan International Cooperation Agency. The release does not provide a matching JICA amount. IFC's stated ceiling should not be treated as the entire fund or added to an invented partner contribution.

DRIVE was launched in June 2026 to complement Japan's $10 billion POWERR Asia partnership. The framework combines World Bank Group financing and expertise with Japanese development-finance capabilities. The larger partnership figure is separate from the first fund project and its $750 million target.

The partners describe goals of attracting private capital, diversifying energy sources, improving efficiency and reducing vulnerability to supply-chain disruptions. Those are intended outcomes rather than measured reductions in emissions, electricity prices or disruption losses from this first announcement.

What to watch: specific investments, financing terms and evidence of completed projects and outcomes. The announcement says further opportunities will be pursued with Japanese partners, including JICA and JBIC. It does not create a direct household grant, a retail energy offer or guaranteed bill savings.

Official source: worldbank.org ↗