ADB and World Bank pledge billions to connect Southeast Asia's power grids
The financing push aims to help the region build a connected ASEAN Power Grid by 2045.
The Asian Development Bank (ADB) and the World Bank have launched a financing initiative to speed up the ASEAN Power Grid. It was unveiled in Kuala Lumpur with the ASEAN Secretariat and the ASEAN Centre for Energy.
ADB will commit up to US$10 billion over 10 years, and the World Bank will start with US$2.5 billion to prepare and support projects.
Southeast Asia's energy demand is expected to nearly double by 2040.
ASEAN members have worked on linking their national grids since 1997, and aim to have a connected regional grid by 2045.
Source: Eco-Business
