Australia Commits $323m For ADB

Posted by African Examiner Asia, Featured, Latest Headlines, World News Friday, May 3rd, 2024

(AFRICAN EXAMINER) – ) The Australian Government has announced about 323 million dollars in funding for the Asian Development Bank (ADB).

Penny Wong, the Minister for Foreign Affairs, and Pat Conroy, the minister for International Development and the Pacific, said on Friday.

They said that the commitment was worth 492 million Australian dollars (about 323 million U.S. dollars).

The fund was given to the ADB’s 2025-28 pledging round for the Asian Development Fund.

It marked an increase from the 423 million Australian dollars (about 278 million U.S. dollars) committed by the Australian government for the previous 2021-24 replenishment.

Wong and Conroy said in a joint statement that Australia’s funding would help with the construction of climate resilient hospitals and education facilities.

”Australia’s contributions to the Asian Development Fund will assist countries in our region to meet their most pressing needs,” Wong said.

They said Australia has worked with representatives from the Cook Islands and Kiribati to ensure that Pacific nations would receive over 500 million Australian dollars (about 329 million U.S. dollars).

According to them, this is more from the fund than they did from the previous replenishment. (Xinhua/NAN)