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ADB approves $3.4 bn in additional loans for Asia

ADB approves $3.4 bn in additional loans for Asia
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First Published: Tue, Jun 16 2009. 06 30 PM IST
Updated: Tue, Jun 16 2009. 06 30 PM IST
Manila: The Asian Development Bank (ADB) said on Tuesday it has approved $3.4 billion in new loans to help Asian nations overcome the global economic crisis.
The Manila-based development bank said $3 billion in loans would be made available through a previously announced counter-cyclical facility, which will carry market-linked rates of interest.
It said $400 million will be available for poorer nations on concessional rates of interest.
Conditions for accessing the facility include a significant slowdown in growth, exports and remittances; fiscal constraints; and difficulty in sourcing finance from international capital markets on favourable terms, the ADB said.
It gave no details on loans to individual nations.
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First Published: Tue, Jun 16 2009. 06 30 PM IST