Asian Development Bank billion kina electricity and broadband initiatives

The Asian Development Bank will make available nearly K300 Billion, aiming to connect power grids, expand cross-border electricity trade and improve broadband access across Asia and the Pacific.

ADB President Masato Kanda revealed these US$70 Billion initiative when addressing media on Sunday in Samarkand, Uzbekistan.

Samarkand is the host city of the ADB's 59th Annual Meeting.

Monday will be the opening session of Board of Governors, including speeches from Uzbekistan President and ADB President to set the momentum in the ancient silk road city that connects Asia to Europe.

Papua New Guinea in recent years had sourced nearly K500 Million of financial funding from the Asian Development Bank to improve it's electricity connectivity, with the aim to connect more homes to the main power grid.

And ADB now plans to make available around K300 Billion to it's member economies.

" I am proud to share a major announcement. ADB is bringing Asia and the Pacific together to build the energy grid and digital highways that will power the region's future. To achieve this, we aim to mobilize US$70 billion by 2035. This includes US$50 billion for the Pan-Asia Power Grid and US$20 billion for the Asia Pacific Digital Highway,"

ADB President Masato Kanda made these announcement on Sunday in the historical city of Samarkand in Uzbekistan.

He was addressing media covering the 59th ADB Annual Meeting, the banks President outlined the benefits of the long term funding support.

"This will improve energy access for about 200 million people and reduce regional power sector emissions by about 15 percent [and] it will help create 840, 000 jobs," Mr. Kanda said.