ADB seeks funding to strengthen poverty alleviation efforts

from Forbes

MUMBAI (Thomson Financial) - The Asian Development Bank has called for intensified efforts to fight poverty during discussions on the Asian Development Fund (ADF), which provides targeted concessional assistance to help Asia and the Pacific's low-income nations fight poverty by fostering economic growth and extending basic social services.

While many developing Asian nations have experienced rapid growth in recent years, 1.5 bln people in Asia still live on less than 2 usd a day, and inequalities within and between countries continue to rise, ADB said in a statement.

The bank said many countries in the region are expected to fall short of Millennium Development Goal targets on hunger, child and maternal mortality, clean water and sanitation access, and educational opportunity.

The ADF meetings, held in Australia, was the first in a series of meetings to negotiate replenishment of the Fund for 2009-2012, during which donors and ADB discuss means of improving the fund's effectiveness, and priority action areas.