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East Timor Becomes ADB's 61st Member

MANILA, PHILIPPINES (24 July 2002) - The Democratic Republic of East Timor became the 61st member of the Asian Development Bank (ADB), effective from yesterday.

To coincide with the event, East Timor Minister of Foreign Affairs and Cooperation, Jose Ramos-Horta, paid a courtesy call on ADB President Tadao Chino yesterday and expressed appreciation for ADB's continuing involvement in the economic reconstruction of East Timor. President Chino assured Minister Ramos-Horta that ADB would continue to work closely with the government and donor partners to address poverty in East Timor, one of the poorest countries in Asia.

ADB plans to send a country consultation mission to East Timor shortly to formulate a medium-term assistance program.

Although East Timor was not yet a member of the ADB during the pre-independence period, it was eligible to receive ADB technical assistance grants. Since 2000, ADB has approved 19 technical assistance projects for East Timor, amounting to $8 million from grant funds. Such projects were for project preparation, capacity building, and policy advice in key sectors and for economic management.

During the past two years, ADB also served as a co-administrator of the multi-donor Trust Fund for East Timor (TFET). ADB processed and supervised six TFET projects totaling $52.8 million, covering the restoration of physical infrastructure, particularly roads, ports, water supply and power facilities. ADB also prepared and administered a TFET-financed microfinance project.

ADB has a Special Liaison Office in East Timor and is shortly expected to announce its new head.

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