The Asian Development Bank has secured
US$12.4 billion for the next four years to fight poverty in the Asia-Pacific
region.
The
Asian Development Bank (ADB) has secured US$12.4 billion for the next four-year
phase of its concessional development fund to fight poverty in the Asia-Pacific
region.
The
contributions to the Asian Development Fund (ADF), which will cover ADB
operations from 2013 to 2016, represent an increase of 11.1 percent in Special
Drawing Rights (9.5 percent in U.S. dollars) from the fund’s previous four-year
period.
“ADF
borrowers face significant development challenges, and have fewer resources of
their own to address them. We particularly appreciate the strong support and
generosity of our donor countries in view of the difficult challenges many are
facing at home themselves,” said ADB President Haruhiko Kuroda.
The ADF
goals are to help improve the lives of millions of Asia’s poorest through
inclusive and environmentally sustainable growth, including improved access to
education, social safety nets, and the development of clean and renewable
energy.
They
will also seek to narrow the development gaps and rising income inequality, and
help vulnerable countries cope with shocks such as rising food and fuel prices,
natural disasters and conflict.
Funds
will also be provided to help promote gender mainstreaming, good governance,
food security, private sector development, and stronger regional cooperation.
Countries affected by conflict and smaller island states with fragile economies
will be given special attention.
Donors
have also agreed to establish a Disaster Response Facility under ADF on a pilot
basis to support the poorest countries in responding to natural disasters.
Projects over the next four-year period include the upgrading of 16,000
kilometers of road and school improvement programs for more than 2.5 million
students.
One of
the largest recipients of ADF resources is Bangladesh, who was one of six ADF
recipient countries who participated in the negotiations.
“ADF
support will go a long way in helping countries like Bangladesh provide
critically needed social services to our citizens,” said Bangladesh Finance
Minister Abul Maal Abdul Muhith. “We will redouble our efforts to deliver
results and bring better opportunities and a brighter future to our people,
especially to the poorest communities.”
Source: ADB.
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