VGP - The Asian Development Bank (ADB) said on Wednesday that it will raise concessional loans by nearly 10% to US $12.4 billion to accelerate growth in poorest countries in Asia and shield them from financial crises.
The Asian Development Fund (ADF), which provides grants and concessional loans to the region's poorest countries, is replenished every four years, with the funding during the 2009-2012 period at around US $11.3 billion.
The replenished ADF, as well as a planned doubling of the Chiang Mai Initiative fund to US $240 billion, would help the region weather any impact from the euro zone crisis ADB President Kuroda said continues to be a risk to growth in Asia.
While the region has made progress in reducing poverty, the benefits of growth have yet to reach several hundreds of millions in Asia who continue to subsist on less than $1.25 a day, the ADB President said.
By Kim Loan