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Asia Pacific needs $8.4T in transport financing

News Summed Up 2018-09-12 05:30:00

The Asia-Pacific region will need $8.4 trillion by 2030 to address its transport needs, the Asian Development Bank (ADB)said on Wednesday as it opened a three-day forum focused on meeting financing challenges. “The current investment level for transport in Asia and the Pacific is about half of what is required,” ADB President Takehiko Nakao said, adding that “opportunities exist to address the shortfall through increased cooperation between the public and private sectors.”“But in the process, we must move toward more sustainable transport options and mitigate the worst effects of climate change,” he continued. The Manila-based ADB said transport was the largest sector of its operations, accounting for over a quarter of annual investments since the multilateral lender was founded in 1966 and totaling $68.2 billion up to the end of 2017. The ADB also said that in 2017, it provided a $100-million loan to the Philippines for the Duterte administration’s “Build Build Build” infrastructure program. The theme of the ADB’s Transport Forum 2018 is “Financing the Future of Transport in Asia and the Pacific.”Discussions, it said, will be “focused on practical approaches to the region’s transport challenges and knowledge sharing about the latest technical advances in the transport sector.”Around 500 experts are attending the event, including senior officials in transport and international development, plus representatives from the government, private sector, academe, and non-government organizations.