17 Mar 2009

ADB planning to ask for increased contributions from members

2:23 pm on 17 March 2009

The Asian Development Bank says it is planning to ask its members for an increase in cash contributions in order to meet development challenges in the Pacific and have the capacity to increase borrowing and lending.

The ADB is in the process of consulting shareholders on a 100, 150 200 general capital increase.

The Director General of the ADB's Pacific Department, Dr Sultan Hafeez Rahman says a general capital increase is essential.

"The purpose is to be able to respond to the development challenges of the Asia Pacific region. From time to time development institutions like the ADB require general capital increases of this sort in order to be able to increase their lending for development of their regions."