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Multilateral banks reassure commitment to advance ASEAN power grid

Published Jun 30, 2025 03:55 pm
The world’s multilateral development banks (MDBs) have reaffirmed their commitment to advancing key infrastructure projects, including the Association of Southeast Asian Nations (ASEAN) Power Grid, by streamlining co-financing processes and expanding tools like local currency lending and foreign exchange (forex) solutions.
In a June 28 statement posted by the Manila-based Asian Development Bank (ADB) on its website, MDBs said they outlined joint efforts to align on development priorities, highlighting the signing of five mutual reliance agreements in 2025 aimed at streamlining the preparation and implementation of co-financed projects across institutions.
Based on MDBs’ list of planned initiatives, they are set to advance ASEAN Power Grid—a project aimed at improving energy security, strengthening resilience, and promoting decarbonization for the region’s 670 million residents, including the Philippines.
According to the Washington-based World Bank, it has recently approved an additional $7.7-million grant (approximately ₱446.6 million) through its International Development Association (IDA) to support the ASEAN Center for Energy (ACE), in a move aimed at advancing the ASEAN Power Grid project.
”This financing is part of the World Bank’s $2.5-billion Accelerating Sustainable Energy Transition Program (ASET) to an initial $5-million grant for ACE approved in September 2024,” the World Bank said in a June 19 statement.
”The additional grant will fund a project preparation facility in ACE for the ASEAN Power Grid under the ASEAN Vision 2020 for operationalization by 2045,” it added.
Furthermore, the grant would support technical studies such as the ASEAN Interconnection Masterplan, as well as provide transaction structuring support to stakeholders and the private sector.
“An integrated energy grid will increase reliability, affordability, flexibility, and resilience of power systems and leverage the region’s diverse energy sources, such as wind and solar,” World Bank East Asia and Pacific (EAP) regional vice president Manuela Ferro said.

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ASEAN Power Grid Asian Development Bank (ADB) World Bank
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