The Japan International Cooperation Agency (JICA) and the Asian Development Bank (ADB) have signed an agreement to establish the Leading Asia's Private Infrastructure Fund 2 (LEAP 2) with capital of up to US$1.5 billion provided by JICA.

The objective of the fund is to jointly finance top-tier, resilient, and sustainable infrastructure projects in Asia and the Pacific. LEAP 2 succeeded the initial LEAP, which commenced in March 2016 and concluded in August 2023. It will persist in supporting ADB's private sector endeavors by providing both commercial and concessional financing for projects initiated by ADB and JICA. Acting as the fund manager and administrator, ADB will oversee LEAP 2, aligning with its mission to alleviate poverty and advance decarbonization in the region.

LEAP 2 will adhere to the same mandate and governance as its predecessor. Projects funded by the initiative will strive to diminish carbon emissions, enhance energy efficiency, and provide accessible and affordable healthcare, education, and communication services. While maintaining a focus on infrastructure, the fund will broaden its scope to include investments in agribusiness and education. Notably, it will exclude ventures related to gas refining, processing, transmission, and distribution.