Japan, WB, ADB vow to fight poverty

Japan, WB, ADB vow to fight poverty

TOKYO (AFP): The World Bank, the Asian Development Bank (ADB) and the Japanese government said Monday they would tighten their ties to fight poverty, especially in Asia.

"We still have so much to do," Shoji Nishimoto, ADB director of strategy and policy development, told a press conference after a meeting of representatives of the three bodies here.

"We must implement and execute projects (to reduce poverty in Asia) swiftly and speedily while continuing our dialogue with civic organizations and non governmental organizations (NGOs) over what we can do to help."

Nishimoto and his counterparts from the World Bank and Japan's finance ministry met to review NGO-led projects aimed at reducing Asian poverty that have been running for a year and are largely financed by funds managed by the two banks.

The Japan Fund for Poverty Reduction, managed by the ADB, was established in May 2000 and the World Bank's Japan Social Development Fund began operating in June 2000.

The funds give money to NGOs which, for example, teach job skills to street children or run programs to prevent the spread of diseases in poverty-stricken regions.

The Japanese government gave 10 billion yen (US$81.3 million) to each of the funds.

World Bank vice president Motoo Kusakabe said the grants from the funds were considered "seed money" for community-based projects to fight poverty.