From Government of Indonesia

ASEAN to Set up Infrastructure Fund

The 10 member countries of the ASEAN have agreed to set up a special body to raise and manage an infrastructure fund to finance infrastructure projects in the region.

The agency is expected to help speed up procurement of funds and mobilize idle funds for infrastructure projects in the ASEAN, head of the Fiscal Policy Board, Anggito Abimanyu said, according to an Antara report on Wednesday (11/4/07).

Abimanyu said the initiative to set up the ASEAN Infrastructure Fund has been prompted by difficulty in securing funds from banks or other financing agencies for infrastructure development in this region, notably in Indonesia.

A meeting of ASEAN finance ministers in Chiang Mai, Thailand on April 5 formed a task force to prepare the setting up of a body to manage fund for infrastructure projects and each country will contribute to the fund.

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