ASEM fund is up and running

ASEM fund is up and running

BRUSSELS (DPA): The World Bank said Friday it had approved a first batch of projects to be financed by the US$45 million Asia- Europe Trust Fund set up by the two regions' leaders in April.

Bank officials said money from the "ASEM" Trust Fund would be initially used to provide "high-quality and urgent expertise" to governments in Indonesia, South Korea and Thailand.

The focus will be both on financial sector reform and easing the social fall-out from the Asian financial crisis, they added. Although the Fund is managed by the World Bank, its main source of revenue is the European Union and many of its 15 member governments. China has also promised to put in resources.

Contributions have been made so far by the E.U. Commission and seven countries including France, Italy and Britain.

The projects just approved by the Bank include expert advice on designing an urgent scholarship program in Indonesia to protect children from stopping out of school following a drop in their parents' income.