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Development Banks Pledge $175 Billion for Transport at Rio+20

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June 20 (Bloomberg) -- The Asian Development Bank and seven other multilateral lenders will provide more than $175 billion to improve transportation in developing countries over the next 10 years.

The pledge to fund loans and grants is intended to help build more “environmentally-friendly, accessible, affordable, and safe transport solutions,” the ADB said in a statement prepared for an announcement planned today at the Rio+20 United Nations Conference on Sustainable Development in Rio de Janeiro.

Developing countries are experiencing more congestion, air pollution and traffic accidents, ADB President Haruhiko Kuroda was cited as saying in the statement. Global carbon dioxide emissions from the transport sector are projected to jump almost 50 percent by 2030 and losses from congestion amount to 5 percent of gross domestic product in many Asian nations, the Manila-based bank said.

“The amount being suggested is for all transport operations by our organizations,” Tyrrell Duncan, director of the ADB’s transport and communications division, said in an e-mail today. “The resources will increasingly support sustainable transport interventions in all forms, including public transport systems and high-quality bicycle and walking infrastructure in cities, energy-efficient vehicles and fuels, railways and inland waterways.”

The other multilateral lenders involved are the World Bank, African Development Bank, CAF - Development Bank of Latin America, the European Bank for Reconstruction and Development, the European Investment Bank, the Inter-American Development Bank and the Islamic Development Bank.

To contact the reporter on this story: Sharon Chen in Singapore at schen462@bloomberg.net

To contact the editor responsible for this story: Stephanie Phang at sphang@bloomberg.net

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