ADB plans $12B development-fund for poor countries
The Asian Development Bank intends to fund about $12 billion required for loans and grants to projects in poor countries from 2013 to 2016.
ADB said it is in talks with donor countries to secure an estimated $12 billion-13 billion.
“It is going to be more challenging to get money out of the Western Europe region,” said Robert Prior-Wandesforde, Singapore-based director of Asian economics at Credit Suisse Group AG.
“Fortunately, Asian countries are in a better position to bear a greater burden of the cost. It’s an interesting reversal of fortune.”
Source: Bloomberg News
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