May 7, 2008

ADB to allocate US$500 million for emergency food support

The Asian Development Bank said Tuesday it would give US$500 million as an aid to governments in bad shape due to rising food prices.

ADB President Haruhiko Kuroda said that the institution will provide US$500 million as immediate budgetary support to the hardest hit countries.

Kuroda added that some countries have already expressed an interest in receiving some of the new support facility, but declined to name them.

The ADB will also boost agriculture-related lending, which will increase to US$2 billion in 2009 from US$1 billion in 2008.