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Luxembourg injects US$1.97 million to ADB

JAKARTA: The Government of Luxembourg has committed to give administrated fund of 1.5 million euro or US$1.97 million to an Asian Development Bank (ADB).The fund is given to strengthen financial systems in developing countries in Asia and the Pacific

JAKARTA: The Government of Luxembourg has committed to give administrated fund of 1.5 million euro or US$1.97 million to an Asian Development Bank (ADB).The fund is given to strengthen financial systems in developing countries in Asia and the Pacific to aid inclusive growth.The latest contribution to the Financial Sector Development Partnership Fund raises Luxembourg's total investments in the bank to US$5.81 million."With this additional assistance, the Government of Luxembourg expresses support for ADB's plan to expand the fund into a multi-donor facility which will aid our long-term strategy 2020 goals of inclusive and environmentally sustainable growth, and regional integration," said Head of Office of Cofinancing Operations Tadashi Kondo, in a press release published at ADB's website.The fund was established in 2006 with an initial contribution of US$1.5 million from Luxembourg, and is designed to build up and improve national and regional financial systems in Asia and the Pacific.It also supports technical assistance operations, components of investment projects, and stand-alone grant-financed activities in the financial sector. (T03/NOM)

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