ADB vows 500 mln USD in aid against food crisis

07/05/2008 -- 11:01 AM

Hanoi (VNA) - The Asian Development Bank (ADB) announced on May 6 a package of 500 million USD in emergency aid to tackle rising food prices in Asia-Pacific region. “I am pleased to announce that the ADB will provide 500 million USD as immediate budgetary support to the hardest hit countries so that they can bring food to the tables of the vulnerable, poor and needy,” ADB President Haruhiko Kuroda told reporters after a four-day gathering of the Manila-based bank in Madrid , Spain . The money will be provided to help stricken countries alleviate the impacts of rising fiscal burden due to rising food prices, he added. However, Kuroda declined to name possible recipient countries and the amount each would be given. The total amount of the emergency aid was declared after the ADB wrapped up its annual meeting which brought thousands of leaders of governments, people from the private sector, academy and civil society together amid food price surge. During the meeting, the ADB announced establishment of a new fund to combat damage caused by climate change with the bank’s initial contribution of 40 million USD.- Enditem
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