Extra $175 Billion For Transport in Developing Countries

Over the next decade developing countries will receive over $ 175 billion extra of loans and grants to improve their transportation systems. This was announced by seven multilateral development banks at the Rio +20 summit.

According to Asian Development Bank President Haruhiko Kuroda “Rapid motorization is creating more congestion, air pollution, traffic accidents and greenhouse gas emissions, especially in developing countries.”

But additionally, mr Kuroda stated that  “Developing countries have the opportunity to leapfrog to a greener future of less motorization, shorter commutes, and more energy efficient transport systems.”

Solutions Available
And sustainable transport solutions are already available.  For example low-cost electric vehicles in the Philippines, urban metrorail systems in Viet Nam, bus rapid transit systems in Mongolia and Bangladesh, and inland waterway transport in the People’s Republic of China.

Therefore, the coaltion of development banks announced to scale up the support for transport in developing countries by $175 billion.

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