Approves First Ever Grant To East Timor Of $1 Million
Dow Jones Newswires March 23, 2000
ADB Approves First Ever Grant To East Timor Of $1 Million
JAKARTA -- The Asian Development Bank said Thursday it had approved a $1 million technical assistance grant to East Timor to help support parliamentary, judicial and public sector institutions.
It is the first grant from the Manila-based bank to East Timor, which isn't yet a member of the ADB.
The bank has said it expects to approve several technical assistance grants totaling "around $5 million" to finance transport infrastructure development and community empowerment in the half-island territory.
International donors last December pledged $520 million to East Timor, but the slow arrival of humanitarian aid has sparked criticism in the devastated territory.
Of the $520 million, the ADB is set to administer a $140 million trust fund along with the World Bank.
-By Simon Montlake; 62 21 3983 1277; firstname.lastname@example.org
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