S. Korea to provide over 191 billion won to Asian Development Fund

January 05, 2013 - 11:32:25 am
SEOUL: South Korea will provide the Asian Development Bank (ADB) with an all-time high 191.2 billion won (US$179.4 million) this year to assist developing countries, the South Korean government announced Saturday.

"South Korea decided to provide the assistance to the Asian Development Fund (ADF) after reaching an agreement on the country's share of expenses last year," an official from the Korean Ministry of Strategy and Finance said.

This will be the seventh contribution made by South Korea and its largest so far.

The Asian Development Fund was created in 1968 and developing countries in Asia can borrow from it at low interest. (QNA)