The United States Agency for International Development (USAID) declared three regional energy projects in South Asia, estimated at a worth of over USD 28 million catered by the US Government’s Asia Enhancing Development and Growth through Energy (Asia EDGE) initiative that would raise the accessibility for affordable, secure, reliable and sustainable energy penetrating via expanded, transparent and efficient energy markets.
The formal announcement of the three projects was done at the US government’s third Indo-Pacific Business Forum held virtually on Wednesday from Hanoi, Vietnam. In an official statement, Kenneth Jester, the US Ambassador to India, said, “The United States is committed to supporting India in advancing our shared vision for a free and open Indo-Pacific. The US Government, through USAID, will leverage its technical expertise, regional presence and convening power to assist the South Asia region in overcoming energy constraints and achieve long-term economic growth and stability.”
From the official statement, the USAID will be providing funding to the South Asian and the US experts “who will develop energy models and evaluate proposed energy solutions; to legal teams who will assist with effective government regulation; and development, ensuring that South Asian countries identify more energy solutions.”
The official statement revealed, “Building on their longstanding energy cooperation, the United States and India are working together on connectivity and economic development in the region. Three programs will be vital to achieving Asia EDGE’s goals across the Indo-Pacific- The South Asia Group for Energy Hub (SAREH), and the planned South Asia Regional Energy Partnerships (SAREP).”
The programs will channelize the energy to move freely and efficiently over the borders. The objective of SAREH, SAGE and SAREP is to benefit the regions of South-Asia and create new opportunities over advanced technology.
The statement further stated, “SAREP, will proactively seek partnerships with the private sector, creating an “enabling environment” characterized by sound policies, effective institutions, transparency, non-restrictive competition, and reliable contract enforcement.”