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Norway Provides Grant For ADB Projects

The Asian Development Bank and the Government of Norway have recently signed a cooperation agreement to finance mutually agreed technical assistance projects on an untied grant basis. It will assist the ADB in carrying out technical assistance projects covering project preparation, advisory services, project implementation and other activities.

To be administered by the ADB, the grant will come from an initial contribution of US$2.1 million and will involve future contributions from the Norwegian government. Preference will be given to projects in the social sector development, environment, energy and financial sectors for the ADB's developing member countries which have a very low per capita GNP and limited debt repayment capacity.

The grant was made available to the ADB upon the signing of a Channel Financing Agreement last 21 April 1999. Signing the agreement were ADB President Tadao Chino and the Honorable Leif Lunde, Norway's State Secretary for International Development and Human Rights, Ministry of Foreign Affairs, who is the ADB Governor for Norway.

As of 31 December 1998, the ADB has provided some US$1.6 billion in technical assistance grants to its developing member countries. Norway is a founding member of the ADB and has provided significant contributions to the Asian Development Fund, which provides loans to the Bank's developing member countries at concessional rates, and other trust funds for various development projects.

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