By Siti Noor Afera Abu
KUALA LUMPUR, Oct 16 (Bernama) -- Prime Minister Datuk Seri Anwar Ibrahim lauded ASEAN’s efforts to draw the interest of major institutions to ensure the success of the ASEAN Power Grid Financing Initiative (APGF).
He said the APG is the backbone of regional cooperation linking sustainability, security, and affordability in real terms.
Anwar noted that Malaysia remains fully committed to this shared agenda, and with unity of purpose, the region can balance the energy trilemma and power ASEAN’s growth for decades to come.
“Ambition must be matched with resources. The APG requires sustained investment and innovative financing.
“ASEAN, under Malaysia’s chairmanship, has endorsed the APGF. Developed with the Asian Development Bank and the World Bank, the APGF will serve as a dedicated platform to mobilise green financing, prepare bankable projects, and accelerate cross-border investments on land and subsea alike,” he said.
The prime minister said this in his keynote address at the joint opening ceremony of the 43rd ASEAN Ministers on Energy Meeting (AMEM) and related meetings, as well as the 25th ASEAN Energy Business Forum (AEBF), here today.
Anwar, who is also the Finance Minister, said the APGF ensures that ASEAN’s vision of a fully interconnected APG by 2045 is not only technically possible but financially viable and inclusive.
“The APG’s establishment reflects the collective resolve to deepen regional energy links and to position ASEAN as a model of sustainable and equitable cooperation,” he said.
Yesterday, the ADB, the World Bank Group, and ASEAN launched a new financing initiative to support the APG-ASEAN’s collective effort to connect the region’s electricity networks and strengthen energy cooperation by 2045.
ADB has committed up to US$10 billion (US$1=RM4.2) for the APG over the next 10 years, supported by an initial US$6 million of technical assistance funded by the ADB, the United Kingdom, the European Union and other partners.
Meanwhile, the World Bank is providing an initial contribution of US$2.5 billion under the Accelerating Sustainable Energy Transition Program (ASET), including a US$12.7 million seed grant to the ASEAN Centre for Energy (ACE) to prepare bankable projects and define the next phase of support to the APG initiative.
-- BERNAMA
