ASEAN to Create Infrastructure Development Fund

Member countries of the Association of Southeast Asian Nations have agreed to create an infrastructure development fund as part of the group's effort to improve connectivity in the region,

reports. The fund will be used to finance the development of multimodal transportation, information and communication technology and physical infrastructure to link the 10 ASEAN member states. Japan has pledged USD20 billion while China committed USD10 billion in support of the effort.

About the author

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    Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.