Subject: LUSA: Asian Development Bank grants USD 9 mn aid over next two years
East Timor: Asian Development Bank grants USD 9 mn aid over next two years
Dili, Dec. 8 (Lusa) - East Timor is to receive USD 9 million in non-returnable aid over the coming two years from the Asian Development Bank (ADB) to boost its development and combat poverty, officials have announced.
The ADB aid packaged was unveiled Tuesday in Dili by Prime Minister Mari Alkatiri and Jeremy Hovland, the bank's director general for the Pacific region.
USD 7.6 million of the latest aid to the world's newest nation - Asia's poorest - comes from the Asia Development Fund (ADF), which targets developing nations and particularly those emerging from conflict.
This slice of aid will be used to combat HIV/AIDS, rebuild Timor's infrastructures and bolster Dili's capacity for economic management.
In comments to Lusa, Mari Alkatiri said Timor currently needed non-credit based aid.
"The ADB is aware that we need to boost our capacity to absorb money and later we will think about having access to credit".
Since 2002, the ADB has already financed 22 development projects in Timor worth USD 9.3 million. The Asian bank also administers the Trust Fund for East Timor (TFET).
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