Singapore announced Sunday four million US dollars in contributions to a poverty-busting fund of the Asian Development Bank (ADB).
The contribution marked Singapore's debut as a donor to the Asian Development Fund (ADF), a facility earmarked for ADB's poorest members.
A finance ministry statement said the contribution demonstrated Singapore's "commitment to the Asia-Pacific region as well as our efforts in eliminating poverty and promoting economic growth in the region."
Although the region has recovered from the financial crisis that struck in 1997 "there is still much work to be done in addressing the social needs in the affected countries," the statement said.
It was the first time Singapore has contributed to the ADF, rising to a challenge by the ADB leadership for prosperous former borrower nations to become donors themselves.
ADF loans have almost zero interest rates and with long repayment terms to ADB's most impoverished members.
The Manila-based ADB said Friday that Japan, the United States and other European and Asian donor countries have agreed to make available 5.6 billion dollars for the fund, which is replenished every four years.
The donors reached agreement on the size of the ADF for the 2001-2004 period at a meeting in Okinawa, southern Japan, after a year-long debate between Tokyo and the West over the use of the ADB's lending resources.
More than 35 countries have benefited from loans totaling $22 billion since ADF was established in 1973.
Singapore was a former beneficiary but has since graduated from being a borrower on account of its prosperity.
Twenty-nine member countries are still eligible to borrow from the ADF window, with Vietnam, Bangladesh, Sri Lanka, Pakistan, Nepal and Laos being the main beneficiaries.
The ADB has 59 member-countries, 16 of which outside the Asia-Pacific.— (AFP)
© Agence France Presse 2000
© 2000 Mena Report (www.menareport.com)
