[MANILA] The Asian Development Bank said on Tuesday (Apr 7) that it has launched South-east Asia’s first multi-partner fund to accelerate the development of an Asean-wide cross-border power grid and strengthen regional energy security.

The initial funding of US$25 million for the Regional Connectivity Fund (RFC) comes from Australia, Canada, the European Union, Germany and Britain, and will finance early-stage cross-border energy projects.

ADB President Masato Kanda said the fund will accelerate investments to achieve fully integrated electricity grid operations by 2045, benefitting South-east Asia, whose energy demand is expected to triple by 2050.