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China Eximbank, ADB sign co-financing agreement

(Xinhua)
Updated: 2009-05-04 18:09

BALI - The Export-Import Bank of China (China Eximbank) on Monday inked an agreement with the Asian Development Bank (ADB) to jointly prepare at least US$3 billion for projects in developing Asia, especially in terms of infrastructure.

The agreement, signed at the 42nd ADB annual meeting in Bali, will become effective since this June and be utilized over three years.

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"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," said Schaefer-Preuss, vice President of Knowledge Management and Sustainable Development at ADB.

"This agreement with China Eximbank will ensure funds get systematically directed towards those and other urgent projects that will help the region weather the current global downturn," she added.

According to ADB, Asia will need US$4.7 trillion between 2006 and 2015 if it is to meet its developmental potential.