US Agency for International Development (USAID) on Wednesday announced new activities valued at more than 28 million US dollar to advance regional energy markets in South Asia.
US acting assistant administrator for Asia Javier Piedra announced it at the Indo-Pacific Business Forum hosted virtually by Vietnam, a USAID press release said here.
"The US government's activities will improve access to affordable, secure, reliable, and sustainable energy through the advancement of expanded, transparent, and efficient regional energy markets," it said.
The new investments by USAID and other parts of the US government will help the people of South Asia grapple with the new opportunities and challenges brought on by advanced energy technologies.
The private sector is central to these challenges, which include limited access to private capital, minimal private-sector engagement across the energy supply-chain, and few transparent and open energy markets, the release added.
The assistance advances the US government's Asia EDGE (Enhancing Development and Growth through Energy) initiative, which works to strengthen energy security and expand access to energy across the Indo-Pacific region.
Under Asia EDGE, USAID's funding to develop a competitive regional power market in South Asia has led to transformative policy changes that have increased the trade in power in the region by 3,500 megawatts, which is equivalent to the electricity used by 2.3 million households.