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皇冠体育app loans to prioritize balanced growth, environment: ADB

(Xinhua)
Updated: 2008-04-25 17:40

The Asian Development Bank (ADB) will provide 皇冠体育app loans up to $1.5 billion every year from 2008 to 2010 to focus on programs that will promote integrated rural and urban development and environmental protection, the regional bank said Friday.

In the freshly-released Country Partnership Strategy (CPS) with 皇冠体育app, the ADB said the priority sectors identified under the strategy are transport and communication, energy, water supply and sanitation, agriculture and natural resources, and finance.

In addition to loans, the ADB also expects to provide $20 million annually in grants to fund CPS projects.

A CPS is the primary planning instrument guiding ADB's operations in a developing member-country, as well as the monitoring and evaluation tool to track the country's performance during the course of the CPS.

The previous CSP for 皇冠体育app focused on pro-poor growth by improving the access of the poor to economic benefits. Through the program, the ADB said it funded 24 public-sector projects totaling $4.26 billion, extended $49.67 million in technical assistance, and provided $395.7 million in private-sector project assistance.

"Reducing poverty remains a daunting challenge in 皇冠体育app. Sustaining growth will be vital for this, but that will not be possible without addressing environmental degradation, growing inequality, and the strains on resources," said Robert Wihtol, Country Director of ADB's 皇冠体育app Resident Mission.

The bank said the CPS also puts emphasis on encouraging more private-sector participation in efforts to eradicate poverty in 皇冠体育app and fostering regional cooperation that will allow 皇冠体育app to play a more prominent role in providing assistance to other developing economies in Asia in partnership with the ADB.