ADB Plans $3 Billion Crisis Fund |
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May 3,2009
The Asian Development Bank is planning to launch a $3 billion loan facility to help its "developing member countries cope with the crisis," ADB President Haruhiko Kuroda said Saturday, amid lingering uncertainty over when and how the financial crisis will end.
The Asian Development Bank is planning to launch a $3 billion loan facility to help its "developing member countries cope with the crisis," ADB President Haruhiko Kuroda said Saturday, amid lingering uncertainty over when and how the financial crisis will end.
The planned countercyclical support facility -- which will disburse loans more cheaply and quickly than its existing special loan facilities -- is "designed specifically to serve as an effective countercyclical instrument to fight the averse impact of the crisis," Mr. Kuroda said.
The plan, subject to the approval of the bank's board, will help lift total loan disbursement by the ADB by $10 billion over the next two years to $32 billion, Mr. Kuroda said in Bali, Indonesia, where the Manila-based bank is holding its annual meeting.
The ADB decision is aimed at providing faster and cheaper support to developing countries across the Asia Pacific, which have been hard-hit by the ongoing financial and economic turmoil.
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