JAKARTA (TheInsiderStories) – The ASEAN Coordinating Council (ACC) has announced the Initial Rolling Priority Pipeline of ASEAN Infrastructure Projects at the meeting in Bangkok, Thailand on Sunday (11/03). The Initial Pipeline consists of 19 projects across transport, energy, and digital sectors amounting to US$15 billion worth of estimated investments.
A total of 19 projects were selected in the initial pipeline, which can be modified as “appropriate.” Broken down per sector, there were 11 road projects, three power projects, two-port, one information and communication technology, one railway and one airport.
Out of the 19, three for Indonesia and Thailand, five were in Myanmar, four for Laos,two for Vietnam, one for Cambodia and for Brunei Darussalam.
In a joint statement, ASEAN also encouraged China to actively support the development and financing of ASEAN infrastructure projects and promote connectivity cooperation in areas, such as railways, highways, port and harbors, airports, power, and communication, for building better business and investment environment.
The parties also committed to promoting innovative infrastructure financing in ASEAN through the mobilization of private capital. This entails encouraging financial institutions, including the Asian Infrastructure Investment Bank, Asian Development Bank and the World Bank Group, and tapping funds, such as the Silk Road Fund to better mobilize private capital and enhance capacity building to support infrastructure development in the region.
ASEAN developed the Initial Pipeline in line with international best practices to attract more infrastructure investments. It contains viable and sustainable infrastructure projects that can enhance the movement of people, goods, services, and innovations across the region.
Minister of Foreign Affairs of Thailand Don Pramudwinai expressed his hope that the announcement would attract “robust investments that will help enhance regional connectivity in concrete terms, support our transport, economic and sustainability corridors region-wide, and prepare ASEAN for better connectivity synergies with the wider region.”
Secretary-General of ASEAN Dato Lim Jock Hoi, highlighted the benefits infrastructure brings to the economies and peoples of ASEAN. He emphasized the importance of environmental and social impact analysis and the need for ASEAN to attract more innovative financing.
As part of the Master Plan on ASEAN Connectivity (MPAC) 2025 implementation, the initial pipeline is designed to help the ASEAN member assessed and prioritize infrastructure projects. As projects evolve over time, new projects could be added or existing projects completed or withdrawn from the Pipeline.
World Bank was assigned to implement the key initiative. Together with Australia, they assisted in the streamlining of proposed infrastructure projects from all ASEAN members with the highest potential to make up the list of projects in the priority pipeline, which will contribute to the region’s economic growth and beyond.
Written by Lexy Nantu, Email: email@example.com