ADB Plans USD9.4 Billion in Crisis Funding

The Asian Development Bank intends to boost its reserves by USD9.4 billion to help its member countries weather the global economic tempest,

reported. The bank will front-load its two-year Asian Development Fund lending and grants to USD3.4 billion this year and raise its Ordinary Capital Requirements by around USD5 billion to USD6 billion. The regional lender also plans to mobilize supplementary programmatic cofinancing through arrangements with the Islamic Development Bank, Japan Bank for International Cooperation, South Korea and regional export-import banks.

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