More funds have been provided by Asia-Pacific Economic Cooperation (APEC) members to support the regional economic and technical cooperation, an APEC official said here on Tuesday.
"The fund is important for the members," Lius Quesada, chair of APEC's Senior Officials Meeting Steering Committee on Economic and Technical Cooperation, told reporters in releasing the committee's 2007 report.
According to the report, the APEC Secretariat signed a memorandum of understanding (MoU) with China and the United States in 2007 to help developing economies in their efforts to enhance development and prosperity.
Under the MoU, the two countries are respectively to contribute two million U.S. dollars and 800,000 U.S. dollars over the next three years to the APEC Support Fund (ASF), the report said, adding that the ASF funded 30 economic and technical capacity- building projects in 2007.
It said that the projects covered those to help develop human capital, to strengthen economic infrastructure, to facilitate technology and to harness technologies for the future.
APEC has recently set up various mechanisms to encourage economic and technical cooperation among the member economies, according to the report.
The 21-member regional economic cooperation forum, which was founded in 1989, is holding its annual Leaders Week in Sydney, Australia, from Sept. 2-9.
Source: Xinhua
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