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ADB targets $40m fund for cooperation

KYOTO (Japan): The Asian Development Bank (ADB) plans to set up a new $40 million fund to promote regional cooperation, ADB President Haruhiko Kuroda said on Thursday.

News of the proposed fund comes as financial leaders from across Asia gather in the western Japanese city of Kyoto to attend the ADB’s annual meeting today.

Kuroda also said Asian countries should consider a currency cooperation mechanism in the future to keep fluctuations of Asian currencies against each other to a reasonable size as regional trade and economic integration deepens. “We are planning to set aside $40 million from our net income to establish a fund for Asian cooperation and are hoping to get approval from our governors at this week’s meeting,” Kuroda told Reuters in an interview.

Since he took the helm of the ADB in 2005, the organisation has been promoting regional cooperation as one of its strategic priorities to help boost growth in Asia and reduce poverty. reuters

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