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ADB cites opportunities in meeting Asia Pacific’s funding gap for transport sector

GMA News Online logo GMA News Online 9/12/2018 Sollorano, Vic
Modernized jeepneys are parked at the Quirino Grandstand grounds during the deployment of modern transport vehicles on Friday, July 20, 2018. Danny Pata © Provided by Mediamerge Corporation Modernized jeepneys are parked at the Quirino Grandstand grounds during the deployment of modern transport vehicles on Friday, July 20, 2018. Danny Pata

Investment opportunities now exist in the Asia Pacific region to meet the $8.4 trillion in funding required by the transport sector until 2030, the Asian Development Bank (ADB) said Wednesday.

Asia and the Pacific’s transport needs will require as much as $8.4 trillion in the next 12 years, but only half is currently available, ADB president Takehiko Nakao said during the Transport Forum 2018 at the bank’s headquarters in Pasig City.

“The current investment level for transport in Asia and the Pacific is about half of what is required,” he said.

“Opportunities exist to address this shortfall through increased cooperation between the public and private sectors,” Nakao noted.

He noted, however, that they must keep in mind “sustainable” options to address climate change issues.

“In the process, we must move toward more sustainable transport options and mitigate the worst effects of climate change,” said Nakao.

In the Philippines, the government plans to spend over P8 trillion in its Build, Build, Build infrastructure program until 2022, largely funded by tax revenue.

The administration has lined up at least 10 big ticket priority projects which include roads, bridges, flood control, and mass rail transport.

The Manila-ADB provided the Philippine with a $100-million loan in line with its Build, Build, Build program.

According to the bank, transport is the largest sector for its operations and has consistently accounted for more than a quarter of annual investments since ADB was founded in 1966.

“ADB will explore expanded opportunities for the private sector in transport, particularly in new and frontier markets and small island developing states where transport infrastructure and technologies can make a huge positive impact,” the lender said in a separate statement.

“ADB will also link more lending with innovative technology, such as satellite imagery, which can be used to map out road projects and pinpoint areas with no access,” it said. —VDS, GMA News

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