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Developed Nations Raise Funds for ADB |
| Source: |
financialstandard.com.au |
| Source Date: |
Thursday, January 20, 2011 |
| Focus: |
Electronic and Mobile Government, Citizen Engagement, Internet Governance
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| Created: |
Jan 25, 2011 |
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Governments of developed countries are pouring millions of dollars into development funds to help strengthen the financial systems of developing countries in Asia.
The Government of Luxembourg has committed a further €1.5 million ($2 million) to an Asian Development Bank-administered fund set up to boost the financial systems in Asia and the Pacific.
The latest contribution to the Financial Sector Development Partnership Fund raises Luxembourg's total investments in the facility to $5.8 million.
"With this additional assistance, the Government of Luxembourg expresses support for ADB's plan to expand the fund into a multi-donor facility which will aid our long-term Strategy 2020 goals of inclusive and environmentally sustainable growth, and regional integration," said Tadashi Kondo, head of office of cofinancing operations.
The fund was established in 2006 with an initial contribution of $1.5 million from Luxembourg, and is designed to build up and improve national and regional financial systems in Asia and the Pacific.
It supports technical assistance operations, components of investment projects, and stand-alone grant-financed activities in the financial sector. ADB's developing member countries are eligible for assistance.
Last year, ADB announced a $2.5 million grant to help Mongolia overhaul its savings and credit cooperative market and provide basic financial education nationwide, particularly for poor households.
The grant is from Japan's Fund for Poverty Reduction, financed by the Government of Japan and administered by ADB.
"This support will help strengthen the regulation and supervision of savings and credit cooperatives. The project will also improve financial literacy in poor households through an innovative television drama series," said Betty Wilkinson, senior finance specialist (microfinance) in ADB's East Asia Department.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members, 48 from the region.
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Developed Nations Raise Funds for ADB Governments of developed countries are pouring millions of dollars into development funds to help strengthen the financial systems of developing countries in Asia
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