MANILA, Dec. 19 (Xinhua) -- The Asian Development Bank (ADB) on Thursday signed a 10-million-U.S. dollar financing agreement with Indonesia's leading energy company PT TBS Energi Utama Tbk (TBS) to promote sustainable transportation by increasing the supply of electric motorcycles and battery swapping stations.

The funding will support TBS's investments in PT Energi Kreasi Bersama for procuring e-motorcycles and installing a network of battery swapping stations, which will reduce annual greenhouse gas emissions by at least 123,000 tons, the ADB said in a press release.

"Indonesia is rapidly urbanizing and seeing a surge in private vehicle ownership, particularly motorcycles. By working with TBS in this project, ADB aims to increase the reliability of e-motorcycles and expand sustainable transport options for Indonesians," said ADB Director General for Private Sector Operations Suzanne Gaboury.

As ADB's first private sector financing for the country's e-vehicle industry, the project "can demonstrate the commercial viability of e-motorcycles and encourage further investments to promote their use," Gaboury said. Enditem

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