New Delhi (IANS) - Developing Asia will need an investment of $26 trillion from 2016 to 2030, or $1.7 trillion per year, if the region is to maintain its growth momentum, eradicate poverty and respond to climate change, said a report by the Asian Development Bank (ADB).
The report - Meeting Asia's Infrastructure Needs - said that of the total climate-adjusted investment needs over 2016-2030, $14.7 trillion will be for power and $8.4 trillion for transport. Investments in telecommunications will reach $2.3 trillion, with water and sanitation costs at $800 billion over the period. "The demand for infrastructure across Asia and the Pacific far outstrips current supply," ADB President Takehiko Nakao said.
"Asia needs new and upgraded infrastructure that will set the standard for quality, encourage economic growth, and respond to the pressing global challenge that is climate change," he said.
The report also said infrastructure development in the 45 countries covered in the report has grown dramatically in recent decades - spurring growth, reducing poverty and improving people's lives.
But a substantial infrastructure gap remains, with over 400 million people still lacking electricity, 300 million without access to safe drinking water and about 1.5 billion lacking access to basic sanitation, it said.
Many economies in the region lack adequate ports, railways and roads that could connect them efficiently to larger domestic and global markets.
"ADB pledges to work with member countries and use our 50 years of experience and expertise to meet infrastructure needs in the region. As the private sector is crucial to fill infrastructure gaps, ADB will promote investment friendly policies and regulatory and institutional reforms to develop bankable project pipelines for public-private partnerships," said Nakao.