Samarkand, May 4 The Asian Development Bank (ADB) said it will commit up to 70 billion USD by 2035 to two initiatives to integrate power grids, expand cross-border electricity trade, and strengthen broadband access across the Asia-Pacific region.
ADB President Masato Kanda launched the Pan-Asia Power Grid Initiative and the Asia-Pacific Digital Highway at the bank's 59th annual meeting in Samarkand, Uzbekistan's second-largest city, Xinhua news agency reported.
"Energy and digital access will define the region's future," said Kanda, adding that by "linking power grids and digital networks across borders, we can lower costs, expand opportunity, and bring reliable power and digital access to hundreds of millions of people."
According to Kanda, the Pan-Asia Power Grid Initiative seeks to connect national and subregional power systems to enable the cross-border flow of renewable energy. The Asia-Pacific Digital Highway aims to close the digital infrastructure gap and help the region harness artificial intelligence-driven growth.
Under the Pan-Asia Power Grid Initiative, the ADB aims to mobilize $50 billion by 2035 for cross-border power infrastructure, focusing on transmission lines, substations, storage, and grid digitalization.
Under the Asia-Pacific Digital Highway, the ADB will mobilise $20 billion to finance digital corridors, data infrastructure, and AI-ready economies.
The ADB is a leading multilateral development bank supporting inclusive, resilient, and sustainable growth across Asia and the Pacific. Founded in 1966, it has 69 members -- 50 from the region.
Earlier on Wednesday, the ADB slashed its GDP growth outlook for developing Asia and the Pacific to 4.7 per cent in 2026 from the previous 5.1 per cent forecast.
Inflation for 2026 is projected to accelerate to 5.2 per cent in 2026 from 3 per cent in 2025, before easing to 4.1 per cent in 2027.
"Our revised outlook is a significant downward revision for growth and a sharp increase in inflation following a special update to reflect the deepening crisis," Kanda said at the time.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor