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Thursday, April 26, 1973
ASIAN DEVELOPMENT BANK URGED TO EXPAND SPECIAL OPERATIONS
To Meet Needs Of Growing Asia
Hong Kong today called on the Asian Development Bank to expand its special operations to meet "the urgent and growing needs of developing Ásia."
The appeal was made at the sixth annual meeting of the Bank'a Board of Governors in Manila by Hong Kong's Temporary Alternate Governor, Mr. John C.C. Chan, who was speaking on behalf of the Financial Secretary, Mr. Philip Haddon-Cave.
Mr. Haddon-Cave is a member of the Board of Governors,
Addressing the meeting, Mr. Chan noted with concern that the uncommitted balance from the Bank's special Fund resources had dwindled to little more than US$20 million by the end of 1972,
He welcomed the proposals put forward by the Bank's Board of Directors to restructure and augment the Bank's Special Fund resources through the establishment of an Asian Development Fund.
"In this connection," he said, "I do not wish the Bank to overlook the possibility of receiving nominal contributions from the developing regional members themselves."
On the management of Special Funds, Mr. Chan said careful note had been taken of the criteria adopted in July last year by the Board of Directors for the Bank's policy guidance in extending loans on concessional
terus from Special Fund resources.
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