ADB Ventures provides $125,000 to support clean brick production in Nepal
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KATHMANDU, Oct. 29 -- The Asian Development Bank's (ADB) venture capital arm ADB Ventures has provided the Good Bricks System, a non-fired brick making solution in Nepal, a $125,000 grant to reduce the industry's harmful impact on the environment and health. 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 total global brick production. Demand for bricks is being fueled by rapid urbanization and the need to construct housing and transport infrastructure. In Nepal, traditional brick making 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 publ...
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