ADB to Invest $70B in Asia Power Grids & Digital Networks

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Samarkand (Uzbekistan), May 3 (PTI) The Asian Development Bank (ADB) on Sunday said it will back USD 70 billion in new energy and digital infrastructure initiatives across Asia and the Pacific by 2035, aimed at strengthening cross-border connectivity and expanding access to electricity and broadband.

Energy and digital access will play a defining role in shaping the region's future, adding that the initiatives seek to link power grids and digital networks to lower costs and expand opportunities, ADB President Masato Kanda said while speaking to the media at the 59th annual meeting of the bank here.

The bank announced two major programmes -- the Pan-Asia Power Grid Initiative and the Asia-Pacific Digital Highway -- with proposed investments of USD 50 billion and USD 20 billion, respectively.

"These two initiatives build the systems Asia and the Pacific need to grow, compete, and connect. By linking power grids and digital networks across borders, we can lower costs, expand opportunity, and bring reliable power and digital access to hundreds of millions of people," he said.

Source: Wikipedia