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

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.