Japan vows commitment to ADB fund to help Asia's poorest

17:32, 4 May 2012

MANILA. May 4. KAZINFORM Japan vowed Friday strong commitment to the Asian Development Bank's low-interest fund to help Asia's poorest, by offering to provide 35 percent, or around 157.1 billion yen ($1.96 billion), of a record-high increase of the fund over four years from 2013.

Japan announced the contribution after the ADB said Wednesday that the Asian Development Fund will be expanded by $12.4 billion over the four-year period to promote investment in infrastructure, education, social safety nets and clean and renewable energy, Kyodo reports.

''I urge the ADB to make effective use of the contributed funds to steadily deliver development results,'' Japanese Finance Minister Jun Azumi said in a speech delivered at the two-day annual meeting of the development bank that began Friday in Manila.