Southeast Asia’s economies need $7.1 trillion in infrastructure investments through 2040 ​but the region faces a huge ‌funding gap, the Asian Development Bank said in a new report published on Tuesday.

ADB ​has updated its assessment of ​the Association of Southeast Asian Nations’ ⁠infrastructure needs from almost a decade ​ago, more than doubling the region’s investment ​requirements for the next 15 years, from the $3.15 trillion estimate for the 2016-2030 period.

• Governments should ​prioritize projects that improve transportation, ​electricity and health, the bank said

• ASEAN governments’ current ‌spending ⁠could cover 45% of the infrastructure needs, leaving a shortfall of almost $4 trillion

• Private capital is also limited, and ADB ​said the ​funding ⁠gap can only narrow if public money is used in ​ways that draw private capital ​and ⁠under predictable terms

• Half of the investment requirements are for electricity, while a third ⁠of ​the region’s needs are ​for improving transportation, roads, airports and rail systems.

Source: Reuters