Regional energy project backed by USAID, ADB to unlock private investment

Published onJune 26, 2019

ADB and USAID signed an agreement to mobilize about $7 billion worth of investment for energy projects in Asia and the Pacific. USAID Asia Bureau Acting Assistant Administrator Gloria Steele said with the targeted investment, the agencies hope to increase the capacity of deployed energy systems by six gigawatts, and increase regional energy trade by 10% over the next five years. “What we would like to do is to use the resources to get the private sector to engage in the energy sector in their region. And through their engagement, we want to mobilize investments from the private sector, from businesses,” Ms. Steele said during the news conference Tuesday at the ADB office in Ortigas Center. Director General of ADB’s Strategy, Policy, and Review Department Tomoyuki Kimura said the projects to be funded will “focus on clean energy, renewable energy and also energy access for all.”