South Asia Regional Infrastructure Connectivity (SARIC) Framework
Summary of publication
SARIC is an Australian Government funded $32 million initiative that started implementation in early 2020. It has two principal components:
- The identification of a pipeline of transport and energy projects that connect the economies of the South Asia region, to be financed by an appropriate mix of public and private financing. This element is being managed as two separate activities by the World Bank and the International Finance Corporation (IFC) and runs until 2024.
- The provision of short course training and networking opportunities for individuals in two streams (the training component):
- Individuals from the public and private sector directly involved in the preparation and/or eventual delivery of the projects identified by the World Bank and IFC under (1) above; and
- Senior decision makers in the infrastructure sector, covering private and public sector officials, academics, and senior civil society members.
SARIC addresses a key constraint to economic growth in South Asia. The ADB reported in 2017 that the region lagged other parts of Asia in infrastructure investment as measured by access to electricity and sanitation, road and rail density and mobile connectivity. To unlock the potential for economic growth the ADB has estimated that the region would need to spend nearly 9% of GDP, or an average of over $400 billion a year, in the years to 2030 to bring infrastructure (mainly power and transport) to a level that would support sustainable growth and account for climate change.