ADB Launches $25 Million Fund for ASEAN Power Grid Development
The Asian Development Bank (ADB) has initiated the Regional Connectivity Fund for Energy in Southeast Asia (RCF) to advance the ASEAN Power Grid project. This fund aims to support project preparation for cross-border energy infrastructure, critical for meeting the region's projected tripling of energy demand by 2050.
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The Asian Development Bank (ADB) has launched the Regional Connectivity Fund for Energy in Southeast Asia (RCF) with an initial funding of approximately $25 million. This multi-partner fund will finance project preparation for the ASEAN Power Grid, aiming for fully integrated electricity operations by 2045.
Contributions come from Australia, Canada, the European Union, Germany, and the United Kingdom. The RCF will provide technical assistance and grants for feasibility studies, engineering design, and policy advice, enhancing the ASEAN Infrastructure Fund's effectiveness.
ADB has committed up to $10 billion over the next decade to support related investments, facilitating cross-border power connections and renewable energy projects. This initiative is crucial as Southeast Asia's energy demand is projected to triple, highlighting the need for reliable and affordable energy sources.
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