ISLAMABAD: The Association of Southeast Asian Nations (Asean) is creating a new fund to finance major infrastructure projects across the region. The Asean Infrastructure Fund is being set up with an initial equity contribution of $485.2 million of which $335.2 million will come from nine Asean members. The remaining $150 million is being provided by the Asian Development Bank (ADB), said a statement issued here on Monday. The Fund’s total lending commitment through to 2020 will be about $4 billion. With projected 70% co-financing by ADB, it is expected to leverage more than $13 billion in infrastructure financing by 2020.
Published in The Express Tribune, September 27th, 2011.
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