The Export-Import Bank of China (China Eximbank) and the Asian Development Bank (ADB) have signed an agreement to jointly prepare at least 3 billion USD for projects in developing Asia, especially in terms of infrastructure.
The agreement, signed at the 42nd ADB annual meeting in Bali, Indonesia, on May 4, will become effective since this June and be utilized over three years, Xinhua news agency reported.
"Access to sanitation, power and transportation links is still very poor in many parts of Asia.
Massive amounts of funds are needed to address that if we are to reduce poverty in the region," Schaefer-Preuss, vice President of Knowledge Management and Sustainable Development at ADB, was quoted by the agency as saying.
This agreement with China Eximbank would ensure funds get systematically directed towards those and other urgent projects that would help the region weather the current global downturn, she added.
According to ADB, Asia will need 4.7 trillion USD between 2006 and 2015 if it is to meet its developmental potential./.