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A Government spokesman today (February 20) welcomed the funding approval by the Finance Committee of the Legislative Council for Hong Kong's contribution of US$26.25 million (HK$206.1 million) to the ninth replenishment of the Asian Development Fund (ADF), or ADF X, over nine years from 2009 to 2017.
The ADF was established in 1973 by the Asian Development Bank (ADB) to provide concessionary lending to the most needy member countries. The objective of the ADF is to promote poverty reduction and improve the basic quality of life of the poorest countries in the region. These include various infrastructure projects for road improvement, power distribution, water supply and sanitation.
On December 9, 2008, the Chief Executive in Council decided that Hong Kong should contribute its share of US$26.25 million to ADF X over a nine-year period.
The spokesman said, "Hong Kong's continued contribution to the ADF is a practical demonstration of our support for the ADBˇ¦s poverty reduction and development efforts in the region. As a responsible member, Hong Kong has the obligation, along with other economies, to support ADB activities.
"It also shows our recognition of the ADB's contribution to the development of Hong Kong in the past."
Hong Kong joined the ADB in 1969 and has been a donor to the ADF since 1983.
Hong Kong has benefited from ADB operations in the region. From 1972 to 1980, Hong Kong obtained five loans totalling US$101.5 million from the ADB. All the loans were repaid in full by 1987.
Hong Kong has contributed to six previous replenishments of the ADF in 1983, 1987, 1992, 1997, 2001 and 2005.
Ends/Friday, February 20, 2009
Issued at HKT 18:05
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