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GMS members approve 50 billion USD investment framework

Member countries of the Greater Mekong Sub-region (GMS) have agreed to draw up a new 50 billion USD pipeline of potential projects under a new Regional Investment Framework (RIF) agreement over the next decade, according to the Asian Development Bank (ABD).
Member countries of the Greater Mekong Sub-region (GMS) have agreed todraw up a new 50 billion USD pipeline of potential projects under a newRegional Investment Framework (RIF) agreement over the next decade,according to the Asian Development Bank (ABD).

The Manila-basedfinancial institution said in a news release dated December 12 that theRIF projects include investments in non-traditional areas likerailways and multi-sector projects to be made until 2022. To meet thesizeable financing requirements, member countries and their developmentpartners will look to mobilize funds from the private sector.

“The next generation projects can help boost cross border trade andinvestments, and stimulate jobs and growth,” said Stephen Groff, VicePresident at the ADB, which acts as Secretariat for the GMS.

TheADB Vice President added that completing missing transport linksremains at the core of the GMS programme, but strengthening knowledgeand soft infrastructure such as skills development, trade facilitation,and collectively managing regional public goods is also as a priority.

The RIF was endorsed at the conclusion of the 19th MinisterialConference of the GMS Economic Cooperation Programme held in the Laocapital of Vientiane. This framework encompasses sub-regionalinvestments and technical assistance projects prepared by all GMScountries, according to the news release.

The ambition of the GMSProgramme is to transform transport corridors into full-fledgedeconomic corridors to boost cross border trade and investment, and tostimulate jobs and growth, while the RIF aims to accelerate thisprocess by supporting multi-sector projects.

GMS members include Cambodia, China, Laos, Myanmar, Thailand and Vietnam.-VNA
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