Asia's infrastructure needs will increase: ADB
Infrastructure development in the 45 countries covered in the report has grown dramatically.
SLAMABAD, Feb 28 (APP): Infrastructure needs in Asia and Pacific will exceed $22.6 trillion by 2030, or $1.5 trillion per year, if the region maintains growth momentum, said a new flagship report issued 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,” said ADB President Takehiko Nakao.
“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.”
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.
“ADB pledges to work with member countries and use our 50 years of experience and expertise to meet infrastructure needs in the region. 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,” said Mr. Nakao.
