some households to portugal and take a look at the situation. elizabeth over to our show, i'm see beardsley in berlin. one of asia's largest development lender says it's new climate financing program, could help unlock funding for projects throughout the region. the asian development bank saying the facility would raise $15000000000.00 and new loans are using loan guarantees to free up capital from its own sovereign loan portfolio. the announcement came at the beginning of the development banks, annual meetings, an inch on korea. trade relations in the economic picture across asia and the pacific are expected to be a focus of the multi gather. let's go over that so it's on han in our taipei bureau . so the a, d b, calling this a historic level of climate funding. what kind of need is there in asia for something of this nature? will asia as one of the most vulnerable regions to climate change risks facing more

extreme incident such as storms, floods, and lands life in this region, annual temperatures have risen faster in the last 30 years. then in any other region. ironically, the same region is responsible for about a half of global annual carbon dioxide emissions from the sharp increase of asia production. reflecting the pace of this areas, not me, growth and manufacturing. but economies can use different energy sources and production technologies. so trade investment policy should be part of the climate action. and so these means will focus on asian economies. how would you describe the state of the region at this moment? the worst of covert is over, but of course costs are rising in many areas. or the i m f just raced up today. it's forecast for asian economy growth to 4.6 percent in 2023 st. this region will be the most dynamic one this year. the main reason is the recovery of china and india economies. after cope it, both are expected to grow by more than 5 percent this year. but there are still

risks in rising costs. as you mentioned, this is due to strong to medic, domestic demand and inflation is likely to remain high. that is why the i m f urge asian central banks to maintain a tight monetary policy to reduce inflation and warrant that the failure to do so could be very costly. but generally speaking, the outlook is not too bad. and we also saw to say that a d b president must have threw us a cow. a warned that the trade dispute between the u. s. and china is probably the entire region. can we really say what is at stake in asia? when we look at this kind of growing protectionism, we're seeing especially between the u. s. and china or steve, the test situation between the u. s. and china will definitely under my free trade economy, recovery of the asia as of origin, that many people are hoping to see this kind of political instability, a fact consumer and business confidence and at even reduce its consumption. any form of protectionism will lead to a long term tre,

disruption. if it continues. countries will have to put supply chance threatening, and all the comic activities before that. and as they will call the emission goals and effect global action against climate change that would just talked about. so it's on han and my per thank you. let's go now to some of the other global business stories making headlines. former audi boss, rupert stadler says he is ready to plead guilty in the trial over his involvement in the diesel emission scandal already. and his parent company, volkswagen admitted in 2015, having falsified emissions values in the companies, diesel cars. unemployment in the euro zone had a record low of 6 and a half percent in march. that's the lowest level since euro's that began compiling jobless figures, figures rather for the single currency zone. back in 1998. there was one of europe's top destinations before the pandemic. and now portugal is picking up where it left off the country,

welcoming $2800000.00 tourists in the 1st 3 months of the year. that figure even higher than the pre pandemic quarterly record of 2. and a half 1000000 taurus for the same period in 2019 sit there, the locals say that there is a dark side to the boom wrench arising dramatically. and it's becoming increasingly difficult for residence to make ends meet. oh, them 300000 years. this can't be capacity, social harmony is something precious. sunshine is abundant in lisbon. but to which as an air b and b's are becoming more and more expensive, that's leading to existential fears for residence. some living conditions like these militia, thomas fernandez, is desperate. she fears for her little house wrist. it's one of many legal buildings on the outskirts of lisbon. in january of hernandez and 8 worker looks

after her. 2 years ago, bulldozers came and demolished some of the houses, while others remained standing up. a camera not within the city hall itself is not crediting stable conditions. most people are sulks both of them in these neighborhoods. here the neighbors are the ones helping each other as they are probably sunk broker talk about the most of the families here come from saw trauma and principal and former colony of portugal. none of them can afford rents anymore, even though they work with vienna. mckesson, i used to rent a flat for $600.00 euros. suddenly they raised it to $800.00 and i couldn't pay that. so i had to come. harry georgina smallish shows how overheated the real estate market is on her way home. near a form of social housing. a villa there being sold for 300000 euros back there. in the last tower? the 58 year old nurse lives in

a neighbourhood off the train tracks, paying only $300.00 euros rent. but that's still a lot for her. she's terrified for rent increase. as we understand compress with law, the rents are simply too high. when you earn a minimum wage of $760.00 euros, it's very difficult. i have a 2nd job so i can afford a car. i need that to get from home to work. i work 13 hours a day for that, but i'm the digital guy, though city, but i want to thank the relatives janusz. the dwight between the rich and poor is stock. here, new flats are available from 400000 euros upwards. he capacity, social harmony is something precious. so if you lose that we will also lose part of the investment. so disharmony has a price. now the government aims to introduce a special program where no more flats would be rented out to the tourists and reckon flats would be forcibly rented out. the mayor of the city of rest

does not take much of it. they seem to be the home, we need public housing construction projects for them. if we have to, we have to expropriate, come the roku, and more importantly we need to take lance out of the national agricultural reserve and use it very closely. if we don't create public housing, we won't solve this problem not from probable rumor without dissolution. these illegal neighborhoods are also likely to continue growing while property prices continue to rise for everyone. all right, mario, val whole fernandez, is chief investment officer at portugal. bank all kind of go so well thanks for joining us. tourism represents a growing part of portugal. economy, can we say to what extent is it responsible for rising real estate prices and major cities like lisbon or thank you for having me. in fact, the rising price in the city i think is the 2 sides. one

is from a homes and the other one is the demand side. the fact that in class so that there is little new construction in article that we have in the past. that contributes also to these rising vice levels. after that crisis, there were many institutional investors to, again, with these companies tend to is that the increase in demand for every kind of real estate and is in balance for give rise to vice level for everyone. so the cost i think is more broader than on the demand of the 2 reasons. one of the factors which side is easier for governments to solve the supply side that is building more or

the demand size, the demand side. rather, that is, i guess, sort of scaling back on 1st arrivals or apartments available for tourists. i think the government is trying to, it was to utilize some of the levers in the, on the demand side, trying to control the apartments that are available for rent to 2 reasons to lease . but there's also initiatives that need to be increasing by creating costs. ok. construction of new resist the show because that takes time, the faster way is better controlled demand. but as the receive, the demand side is very strong and you will not complain. only by controlling to have a lot of the increasing demand from me grants also. and like

people that came, that was part to go to spend their golden years after retiring. so these are the fields where the initiative stored stories will not be enough at the same time. we also see that borrowing is getting much more expensive in europe as interest rates rise. could that not also help undermine a little bit of this demand as perhaps there are fewer purchases? yes, in fact the most of the part gives families by home using that and most of the as been the creative using something. right. so they asked, i think is the financial stress that that's now in place need to buy more for the more fish than they view last year for uses. and that can be an

issue in demand. but from the domestic side, i think the people that came from abroad and they're looking for houses or to go most of them buying it with equity with no use of that. and the demand will be more resilient than that almost. all right. what will be their market fernandez with portugal bunco kind of go, so thank you very much. thank you. and before we go his reminder, but top story, climate and trade tensions are top the agenda at the annual meetings of the asian development bank in korea. multi national vendor also announcing a new climate financing tool kit. hopes can help raise $15000000000.00. new loans for fiber projects show find out moral line w dot com slash business business lend. thanks for watching.

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