ADB Solicits More US Backing

Asian Development Bank President Haruhiko Kuroda will meet with U.S. Treasury Secretary Timothy Geithner in a bid to secure more U.S. funding for the regional lender's planned capital increase,

reported. The move comes amid growing scrutiny of ADB's operation by the U.S. Congress. "In light of the fact that nearly 50 percent of the ADB's regular lending in 2008 went to India and China, two fast-growing countries with access to private capital markets, one must ask whether the bank could do more with its current lending authority if it concentrated on its mission of poverty reduction in the least developed countries," U.S. Sen. Richard Lugar said in a letter to Geithner. The U.S. is urging ADB to raise its lending to poorer economies in the Asian region, away from fast-developing countries.

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