Banks asked to help E. Timor

Banks asked to help E. Timor

BRISBANE, Australia (AFP): Australian Foreign Minister Alexander Downer on Wednesday called on Asian banks to help rebuild East Timor.

Downer told the first Asian Development Bank (ADB) meeting to be held in Australia more needed to be done to combat poverty in the Asia-Pacific region.

He said despite signs of recovery in crisis-affected Asian economies, poverty persisted, with around 42 million living below the poverty line in Indonesia alone.

The needs of emerging nations provided additional challenges, he said. "The new nation of East Timor, for example, has major development needs," Downer said.

The ADB meeting, to discuss the replenishing in early 2001 of the bank's US$6.26 billion to fund poorer nations, is being held over two days here.