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.