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08 Jun 23

Convergence opens regional office in Singapore

Singapore, June 8, 2023 - “Our regional office in Singapore — the Convergence APAC (Asia Pacific) Hub — is a key milestone for us as we grow the field of blended finance to mobilize private capital to attain Sustainable Development Goals (SDG) targets in the region," stated Joan Larrea, CEO of Convergence.

The APAC Hub will be headed by our Senior Advisor, Asia Pacific, Ritesh Thakkar, a development finance professional with over 18 years of experience in the Asia and Eastern Europe and Central Asia (EECA) region.

“As part of our expansion strategy for Asia, the Convergence APAC Hub will help grow our network and membership and support the implementation of blended finance solutions through our design funding windows such as the Asia Climate Solutions Design Grant.” stated Ritesh Thakkar. “Through our Singapore office, we will build regional stakeholder knowledge and capacity, and bring Asia-centric blended finance data, intelligence, and deal flow to institutions around the world.”

The Convergence database has recorded 206 closed deals targeting the APAC region, representing aggregate committed financing of US$33.18 billion.

With the cost of transitioning to net zero by 2050 estimated at over $9 trillion annually, blended finance will be essential in steering investment in the APAC region and worldwide into mitigation solutions. It will also be key for finding investible solutions to adaptation challenges in Asia, which has a significant exposure to physical climate risks.

In addition to the Singapore office, Convergence is headquartered in Canada and has presence in Latin America, Sub-Saharan Africa, and the United States.