The Asian Development Bank (ADB) intends to mobilize $50 billion to strengthen regional energy connectivity.
According to a Report correspondent from Samarkand, this was announced at the 59th annual meeting of the ADB Board of Governors.
The ADB plans to mobilize $50 billion by 2035, leveraging new financial instruments, policy support measures, and partnership mechanisms. The initiative aims to help countries build cross-border electricity networks in the most remote regions of the world to reduce energy costs, strengthen the reliability of energy systems, and increase clean energy trade.
"The $50 billion Pan-Asia Power Grid Initiative aims to build the infrastructure needed for a more integrated, resilient, and prosperous Asia-Pacific region. Countries that foster connectivity attract investment and cope better with crises than those that choose isolation. Connectivity is our answer to fragmentation," said ADB President Masato Kanda.