Tuesday, June 16, 2009

ADB approves $3.4 bln in additional loans for Asia

The Asian Development Bank said on Tuesday it has approved $3.4 billion in new loans to help Asian nations overcome the global economic crisis.

The Manila-based development bank said $3 billion in loans would be made available through a previously announced counter-cyclical facility, which will carry market-linked rates of interest.

It said $400 million will be available for poorer nations on concessional rates of interest.

Conditions for accessing the facility include a significant slowdown in growth, exports and remittances; fiscal constraints; and difficulty in sourcing finance from international capital markets on favourable terms, the ADB said.

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