Kathmandu, Feb. 28: Infrastructure needs
in developing Asia and the Pacific will exceed $22.6 trillion through 2030, or
$1.5 trillion per year, if the region is to maintain growth momentum, according
to a new flagship report by the Asian Development Bank (ADB).
The estimates rise to over $26 trillion, or $1.7 trillion per
year, when climate change mitigation and adaptation costs are incorporated.
The report, Meeting
Asia’s Infrastructure Needs, focuses on the region’s power, transport,
telecommunications, and water and sanitation infrastructure.
It comprehensively
examines current infrastructure stocks and investments, future investment
needs, and financing mechanisms for developing Asia.
“The demand for
infrastructure across Asia and the Pacific far outstrips current supply. Asia
needs new and upgraded infrastructure that will set the standard for quality,
encourage economic growth, and respond to the pressing global challenge that is
climate change,” said ADB President Takehiko Nakao. “
Infrastructure
development in the 45 countries covered in the report has grown dramatically in
recent decades — spurring growth, reducing poverty, and improving people’s
lives.
"But a
substantial infrastructure gap remains, with over 400 million people still
lacking electricity, 300 million without access to safe drinking water, and
about 1.5 billion lacking access to basic sanitation. Many economies in the
region lack adequate ports, railways, and roads that could connect them
efficiently to larger domestic and global markets," read the report.
According to Nakao,
as the private sector is crucial to fill infrastructure gaps, ADB will promote
investment friendly policies and regulatory and institutional reforms to
develop bankable project pipelines for public-private partnerships.
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