Subject: ADB 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;

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