国内英语新闻:ADB calls for infrastructure boost

BEIJING, May 29 -- The Asian Development Bank (ADB) has called on Asian economies to strengthen their infrastructure investment through an effective financing framework to achieve higher and more sustainable growth.

To that end, the bank said that as much as $750 billion would have to be invested annually in infrastructure across the region from 2010 to 2020. This means that around $8.25 trillion would be invested in that period in national and cross-regional infrastructure projects.

"In view of Asia's enormous untapped economic potential and the global financial crisis, now is the time to build efficient and seamless connections across Asia and with the rest of the world for a more competitive, prosperous and integrated region," said Masahiro Kawai, dean and CEO of the ADB Institute.

To meet the financing needs, the region could build an effective framework to mobilize its vast domestic savings as the main source, while encouraging private financing and participation involving public-private partnerships through "bankable" projects, said Kawai.

He also suggested the strengthening of national and regional local currency bond markets, notably through the Chiang Mai Initiative, the Association of Southeast Asian Nations + 3 bond market initiative, and the Asian Bond Fund.