ADB provides US$300 million Loan to ASEAN

The Asian Development Bank (ADB) provides US$300 million loans to ASEAN to broaden the relationship cooperation between ADB and Association of Southeast Asia Nation (ASEAN).

The ADB-ASEAN Memorandum of Understanding for 2012-2015 signed by ADB President Haruhiko Kuroda and ASEAN Secretary General Surin Pitisuwan on April 4 at Peace Palace in Phnom Penh.

Surin Pitisuwan said that this agreement will continue productive relationship corporation ADB and ASEAN.  “Without support and assistance from ADB, maybe the whole project including master plan of ASEAN connectivity, economic prospect and ASEAN agreement that has will not be possible and human development maybe worth than before.”

Arjun Goswami, Director of Regional Cooperation and Operations Coordination Division at ADB Southeast Asia Department said that the fund US$300 million is every year and it is small increase every year.

Each country in ASEAN could decide to take the fund, he added. However, each county should not take no more than 30 percent of the fund which make sure that every country can access to the fund.

“We hope that all overall countries in ASEAN could use the fund for their benefit,” he stressed.

“The loan will help ASEAN connectivity and the stronger infrastructure in ASEAN the more integrate become in region.”

Every year, ABD provides loans to ASEAN around $2 billion.