Posted on 14 Apr 2009
Finance Ministers from the 10-member Association of Southeast Asian nations (ASEAN) have endorsed a plan to set up a regional fund to develop transport infrastructure.
The agreement was reached at the 13th ASEAN Finance Ministers Meeting in Pattaya, Thailand, Thai news agency (TNA) reported on April 9. The meeting also agreed that the fund, to be managed by a Special Purpose Vehicle, will also mobilise resources from private firms.
The funds function was to lend to member countries for transport infrastructure development projects, Thai Finance Minister Korn Chatikavanich said.
ASEAN will seek contributions from the Asian Development Bank, which has an existing infrastructure development program.
