ADB Review - May 2009

NEWS FROM THE ASIAN DEVELOPMENT BANK May 2009

ADB Review provides an electronic digest of activities of the Asian Development Bank.

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In this issue, read about ADB's general capital increase, news from the 42nd Annual Meeting, and ADB's 2008 loan approvals. Also, find out the latest on ADB events, publications, and opportunities.

Top News
ADB Triples Capital to Boost Poverty Reduction Efforts ADB's Board of Governors has agreed to triple ADB's capital base from $55 billion to $165 billion.

ADB Annual Meeting Emphasizes Challenges to Growth and Poverty Reduction
If one thread was woven through the numerous events surrounding ADB's 42nd Annual Meeting, it was the global economic crisis.

New Development Paradigm for Asia and the Pacific Urged
With the Asia and Pacific Region hit hard by the global economic crisis, the region must rebalance growth, ADB President Harukiho Kuroda says.

Quick Action, Rebalancing, to Lead Asia Out of Crisis
Decisive action, coupled with a greater reliance on domestic demand, will lead Asia out of the current downturn, says ADB President Haruhiko Kuroda.

Asia Must Bolster Cooperation to Better Tackle Crisis
Asia has made huge strides in regional cooperation but needs to strengthen its regional institutions.

ADB Establishes $3 Billion Fund to Aid Fiscal Spending
A $3 billion fund will help ADB developing member countries swiftly ramp up the fiscal spending needed to overcome the global economic crisis.

ADB Loans Increase to $10.5 Billion in 2008, Annual Report Says
ADB approved $10.5 billion in loans, a 5.3% increase over the previous year.

Southeast Asia Faces Soaring Costs If Climate Change Action Delayed - New Study
Southeast Asia, one of the most vulnerable regions in the world to climate change, faces a poorer future unless global warming is controlled, says a new ADB study.

Asian Capital Markets Stabilizing, But Recovery Could Be Lengthy - ADB Report
Emerging Asia's capital markets are starting to stabilize and the region's relatively resilient economies should help them recover, says a new report from ADB.

East Asia's FTAs Benefit Business, Can Counter Protectionism - Study
East Asia's myriad free trade agreements benefit the regions' businesses and could help counter falling trade volumes and trade protectionism triggered by the current global economic crisis, says a new study from the Asian Development Bank Institute.

Two New Asian Currencies Join ADB's Asian Currency Note Program
Two new Asian currencies-Philippine peso and New Taiwan dollar-have recently been added to ADB's $10 billion Asian Currency Note Program.

New Disaster Fund Ensures Swift Financial Aid from ADB
ADB will establish a new fund that will enable it to immediately provide financial aid to developing member countries hit by natural disasters.

ADB Expands Trade Finance Program to $1 Billion
ADB has expanded its Trade Finance Facilitation Program to $1 billion, a move that could generate up to $15 billion in much-needed trade support by the end of 2013.

New Chair Appointed to Compliance Review Panel
ADB has appointed a new Chair, Rusdian Lubis, to the Compliance Review Panel.

News from Resident Missions
Sri Lanka Resident Mission: Field visit to Jaffna A 4-member delegation, including Country Director Richard Vokes, reviewed progress of a subproject and visited sites, including schools, hospitals, roads, and community infrastructure, including markets. They met with the members of business chambers, civil society, Government, and beneficiaries. PLCO: Private sector assessment launch in Vanuatu PLCO Regional Director Eugenue Zhukov led a mission to the capital Port Vila to launch the new ADB report with the assistance of Sela Molisa, Vanuatu's Finance Minister. The report discusses private sector-oriented reforms aimed at improving the business environment in Vanuatu. Cambodia Resident Mission and Viet Nam Resident Mission: Discussion on the Cross Border Transportation Agreement implementation Cambodia and Viet Nam officials were invited to an informal dialogue in Ho Chi Minh City. The meeting arranged for the first cargo trucks from each country to cross the Bavet-Moc Bai checkpoint on 5 May, removing the need for transshipment being practiced up to now.

Grant to Help Asia Cut Human, Economic Losses from Water Disasters
Japan and ADB are providing support for improved flood management in the region.
ADB Assisting Bangladesh in Improving Irrigation Systems
A $750,000 grant from ADB will assist Bangladesh in implementing a planned multi-million loan project in 2010 that will improve irrigation services and further enhance the country's water sector as a whole.
Boost for Afghan Plan to Develop Railway System
Afghanistan's push to develop a railway system that will spur economic growth and make the country a key transit and trade route within Asia is to receive support from ADB.
ADB to Boost Economic Management in Pacific to Help Region Cope with Crisis
ADB will assist the Pacific region to improve economic management and in doing so will help the region weather the impacts of the global economic crisis.
Grant Approved to Help Nepal Recover from Monsoon Floods
A $25.6 million grant from ADB will help restore economic activity to parts of Nepal devastated by last year's monsoon floods.
Grant to Boost Rural Incomes, Youth Job Skills in Cambodia
Cambodia's drive to boost rural incomes and provide job skills for unemployed youth in some of its poorest communities is being supported by ADB and the Government of Japan.
$160 Million in Loans Supporting Sri Lanka's Power Program
The Government of Sri Lanka's push to expand and improve its electricity services, especially to the poor and those living in conflict-affected areas, will receive support from ADB.
ADB Helps Viet Nam Electrify Remote Communities
ADB is extending a $151 million loan to help Viet Nam expand and improve electricity services in poor and remote communities.
ADB to Invest $140 Million in Indonesian Fund to Boost Infrastructure
ADB has approved investment of up to $140 million in the government-backed Indonesian Infrastructure Financing Facility to support urgent infrastructure development in Indonesia.

Speeches
The Economics of Climate Change in Southeast Asia: A Regional Review Speech by ADB Vice-President Ursula Schäfer-Preuss, ADB Vice-President, Knowledge Management and Sustainable Development, in Bangkok Thailand, on 27 April

Opportunities
Careers Business

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