Wednesday, 5 January 2011 9:06 PM

Luxembourg Supports ADB Fund Targeting Financial Sector Development in Asia

MANILA, PHILIPPINES - The Government of Luxembourg has committed a further ?1.5 million ($1.97 million) to an Asian Development Bank (ADB)-administered fund set up 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 facility to $5.81 million equivalent.

"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 Tadashi Kondo, Head of Office of Cofinancing Operations.

The fund was established in 2006 with an initial contribution of $1.5 million from Luxembourg, and is designed to build up and improve national and regional financial systems in Asia and the Pacific. It supports technical assistance operations, components of investment projects, and stand-alone grant-financed activities in the financial sector. ADB's developing member countries are eligible for assistance.

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