The Asian Development Bank (ADB) has secured 11.3 billion U.S. dollars of donations for its development fund to fight poverty in the Asia-Pacific region in the next four years.
"The generous contribution of donor nations will help developing Asia-Pacific countries meet Millennium Development Goaltargets, and bring better opportunities and a brighter future to people living in the region's poorest nations," ADB President Haruhiko Kuroda said.
The ADB's Asian Development Fund (ADF) provides grants and low-interest loans to the Asia-Pacific's poorest countries, which are home to some 400 million people living on less than two dollars a day.
The ADF from 2009 to 2012 has seen an increase of over 60 percent from the previous period.
A chunk of the fund would be spent on essential infrastructure including roads, clean water, sanitation and power networks, the Manila-based bank said.
"ADF support is a major source of assistance for countries like Nepal, who are in urgent need of resources to help our poorest citizens," said Nepalese Finance Secretary Vidyadhar Mallik.
"We appreciate the generosity of the international donor community in significantly increasing ADF resources, and successfully completing ADF negotiations," Mallik said.
The donations were offered just before the ADB's 41st annual meeting of the Board of Governors in Madrid.
Kuroda, among others, also stressed the support for Asia's rural areas.
"With child malnutrition still widespread in Asia, and the global food crisis threatening to reverse the gains nations have achieved in reducing poverty, support for rural infrastructure andrural finance is critically important," Kuroda said.
Future ADF resources were also expected to benefit education initiatives.
"Education is the key to young persons' advancement and nations' development, and an investment today pays off many-fold in the future," Kuroda said.
Mitigation and climate change are among other issues to be tackled with the ADF backing.
The ADB is dedicated to reducing poverty in the Asia and Pacific region through inclusive economic growth, environmentally sustainable growth and regional integration.
Established in 1966, it is owned by 67 members, 48 of them in the Asia and Pacific region. In 2007, it approved 10.1 billion dollars of loans, 673 million dollars of grant projects, and technical assistance amounting to 243 million dollars.
Source:Xinhua
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