ADB provides stimulus for developing Asia
Aditya Suharmoko, The Jakarta Post, Jakarta | Sat, 05/02/2009 8:20 PM
The Asian Development Bank (ADB) will channel US$3 billion in fiscal stimulus to developing Asia for 2009 and 2010 to counter the global financial crisis.
It is part of the $10 billion increase in loans for two years as ADB has tripled its capital from $55 billion to $165 billion, ADB president Haruhiko Kuroda said Saturday.
Aside from the $3 billion of fiscal stimulus, $1 billion will be allocated for trade financing and $6 billion for program and infrastructure loans, as well as grants, he said.
"The [$3 billion] Counter-cyclical Support Facility [CSF] will provide emergency loans faster and cheaper than under ADB's existing special loan facilities," said Kuroda.
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