SAMARKAND, May 3 (Xinhua) -- The Asian Development Bank (ADB) said Sunday it will commit up to 70 billion U.S. dollars 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.
"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 dollars 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 mobilize 20 billion dollars 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. ■