MANILA, April 7 (Xinhua) -- The Asian Development Bank (ADB) on Tuesday announced it launched a multi-partner fund to finance critical project preparation work for cross-border energy and transmission infrastructure within the Association of Southeast Asian Nations (ASEAN), the first such fund in the region.
The Regional Connectivity Fund for Energy in Southeast Asia (RCF) will advance the development of the ASEAN Power Grid, the regional bloc's initiative to achieve fully integrated electricity grid operations by 2045, according to the ADB in a press release.
The ADB said the RCF will accelerate project preparation by providing technical assistance and project-readiness financing grants to support energy infrastructure projects. Initial funding, equivalent to about 25 million U.S. dollars, consists of contributions from Australia, Canada, the European Union, Germany and the United Kingdom. ■
