ADB experts have urged Asian governments to double their existing spending on infrastructure, which currently stands around $881 billion per year.
According to the report, while Asia is among the most economically-dynamic regions on the planet, it is also home to 400 million people without access to power, 300 million without potable water, and 1.5 billion without access to basic sanitation.
Many countries lack adequate ports, railways, and roads that could connect them efficiently to larger domestic and global markets, it added.
The bank estimates developing Asian countries will require investments of $14.7 trillion in power, $8.4 trillion in transport, $2.3 trillion in telecommunications, besides $800 billion in sanitation until 2030.
The $1.7 trillion recommended by the ADB in this report is more than twice the figure in its last report, that came out in 2009 for the 2010-20 period, when it called for yearly investments to the tune of $750 billion.
The ADB attributes the jump partially to inflation and an increase in the number of countries included in the report, which in 2009 was 32 while this year, all 45 developing nations of Asia and the Pacific have been included.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.