{"id":3372,"date":"2020-10-29T18:31:57","date_gmt":"2020-10-29T12:46:57","guid":{"rendered":"https:\/\/english.kathmandupati.com\/?p=3372"},"modified":"2020-10-29T18:31:57","modified_gmt":"2020-10-29T12:46:57","slug":"adb-ventures-provides-rs-14-7-million-grant-to-good-bricks-system","status":"publish","type":"post","link":"https:\/\/english.kathmandupati.com\/?p=3372","title":{"rendered":"ADB Ventures provides Rs 14.7 million grant to Good Bricks System"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>KATHMANDU &#8211;<\/strong> The Asian Development Bank (ADB)&#8217;s venture capital arm ADB Ventures has provided the Good Bricks System, a non-fired brick making solution in Nepal, a $125,000 (equivalent to Rs 14.7 million) grant to reduce the industry\u2019s harmful impact on the environment and people\u2019s health.<\/p>\n<p style=\"text-align: justify;\">The grant gives ADB Ventures the option to make a future equity investment in the Good Bricks System. South Asia is home to nearly a quarter of the total global brick production. The demand for bricks is being fueled by rapid urbanization and the need to construct housing and transport infrastructure. In Nepal, traditional brickmaking requires approximately 1,600 kilns to burn nearly 1 million tons of coal every year. It causes around 600 annual deaths, adding $46 million every year to public health costs, the ADB said.<\/p>\n<p style=\"text-align: justify;\">The Good Bricks System, a product of InnoCSR Co. Ltd., uses materials technology from the Republic of Korea to make high-quality bricks with soil, soil stabilizer, and cement. It is cost-competitive and reduces production time by six-fold. It also cuts greenhouse gas emissions and improves working conditions for employees, many of whom are women.<\/p>\n<p style=\"text-align: justify;\">&#8220;The Good Bricks System is an opportunity to disrupt an industry that has not changed for many years, but which has a huge impact on the environment and human health,&#8221; said ADB Principal Investment Specialist Dominic Mellor. \u201cADB\u2019s extensive operations in transport and urban infrastructure across South Asia can be leveraged to support technology solutions like the Good Bricks System.\u201d<\/p>\n<p style=\"text-align: justify;\">\u201cADB Ventures\u2019 support is a vote of confidence in our technology\u2019s potential to transform a dirty industry, and in our business model\u2019s potential to scale commercially,\u201d said InnoCSR Group Chief Executive Officer Sam Yoonsuk Lee.<\/p>\n<p style=\"text-align: justify;\">ADB Ventures supports and invests in early-stage technology companies solving big development problems in emerging Asia and the Pacific. Its investors include Finland\u2019s Ministry for Foreign Affairs, the Government of the Republic of Korea, the Clean Technology Fund, and the Nordic Development Fund.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>KATHMANDU &#8211; The Asian Development Bank (ADB)&#8217;s venture capital arm ADB Ventures has provided the Good Bricks System, a non-fired brick making solution in Nepal, a $125,000 (equivalent to Rs 14.7 million) grant to reduce the industry\u2019s harmful impact on the environment and people\u2019s health. The grant gives ADB Ventures the option to make a [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":3373,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-3372","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>ADB Ventures provides Rs 14.7 million grant to Good Bricks System - KathmanduPati<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/english.kathmandupati.com\/?p=3372\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ADB Ventures provides Rs 14.7 million grant to Good Bricks System - KathmanduPati\" \/>\n<meta property=\"og:description\" content=\"KATHMANDU &#8211; The Asian Development Bank (ADB)&#8217;s venture capital arm ADB Ventures has provided the Good Bricks System, a non-fired brick making solution in Nepal, a $125,000 (equivalent to Rs 14.7 million) grant to reduce the industry\u2019s harmful impact on the environment and people\u2019s health. 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