Hanoi, May 3 (SANA) The Asian Development Bank (ADB) said on Sunday it will launch a $70 billion program to expand energy and digital infrastructure in the Asia-Pacific region by 2035.
The plan aims to strengthen regional energy grids, boost cross-border electricity trade and expand broadband access.
ADB President Masato Kanda said energy and digital networks will support long-term growth as demand rises and technological change accelerates.
“By connecting energy and digital grids across borders, we can reduce costs, expand opportunities and provide reliable access to hundreds of millions of people,” Kanda said in a statement, according to Reuters.
ADB said the program includes $50 billion for a regional energy grid and $20 billion for digital connectivity projects.
The energy program aims to integrate about 20 gigawatts of renewable power across borders, build 22,000 kilometers of transmission lines and improve electricity access for nearly 200 million people by 2035. It is expected to cut regional energy emissions by about 15 percent.
ADB plans to finance about half of the energy program from its own resources, with the rest coming from co-financing, including private investment.
The remaining $20 billion will support fiber optic networks, submarine cables, satellite communications and regional data centers.
The digital program aims to provide first-time broadband access to nearly 200 million people and improve connectivity for another 450 million by 2035. It is also expected to reduce costs in remote areas by about 40 percent and create up to four million jobs.
ADB will provide about $15 billion for the digital initiative.
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