Japan to create ASEAN fund

Japan to create ASEAN fund

TOKYO (AFP): Japan will set up a 2.5-million-dollar fund to help poor Indochinese members of the Association of Southeast Asian Nations, a government official said Friday.

Prime Minister Yoshiro Mori "announced we are working to create the Japan-ASEAN General Exchange Fund" at a 80-minute meeting with representatives from the 10 ASEAN nations, the foreign ministry official said.

The fund is aimed at easing economic gaps among the member nations, the official said, noting newer members -- Cambodia, Laos, Myanmar and Vietnam -- are particularly poor compared with richer members such as Singapore.

"Documents to this effect will probably signed at a meeting of Japanese and ASEAN foreign ministers in July," he said.

Japan has set aside about $2.5 million under the state budget for the financial year to March 2001 as the initial payment to the fund, the official said.