Japan to set up US$100 million environment fund at Asian Development Bank
1 May 2007
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Japan plans to contribute US$100 million (€73.5 million) to set up a special fund at the Asian Development Bank to finance environmental projects, reports said Tuesday.
The grant will be announced at the ADB’s annual meeting, which starts Friday in the western city of Kyoto, the Nikkei and Mainichi newspapers said.
The fund will promote renewable energy resources, such as solar power, and encourage nations to build environmentally friendly infrastructure, the report said. The move comes as a quickly growing Asia grapples with how to balance industrial development with environmental preservation.
Omana Nair, a spokeswoman for the ADB, said she could not immediately comment on the report. Japan is considering a contribution to the international development bank at the upcoming meeting, but details have not yet been decided, said Osamu Yoshida, an official at Japan’s Ministry of Finance.
The Manilla, Philippines-based ADB funds development projects throughout Asia with an eye toward combatting poverty. The ADB approved US$7.4 billion (€5.44 billion) worth of loans in 2006, reflecting a 28 percent increase over the previous year.
About 3,000 delegates from the bank’s 67 member countries are expected for the Kyoto meeting.
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