Taiwan to provide $1b

Taiwan to provide $1b

TAIPEI (AFP): Taiwan is willing to provide US$1 billion to a proposed fund under the Asian Development Bank (ADB) to help countries hit by the regional financial crisis, a news report said Saturday.

Taiwan's central bank deputy governor Liang Cheng-chin, who is visiting Kuala Lumpur, told the United Daily News that Taipei has proposed to set up a fund of $50 to $100 billion under the ADB with Taiwan chipping in $1 billion.

But Taiwan would provide more to the fund if needed, the report said.

Liang was accompanying the cabinet-level Council for Economic Planning and Development Chairman P. K. Chiang in a 10-day tour in Southeast Asia to seek investment opportunities and assess how Taiwan could help alleviate the turmoil.

Authorities here have repeatedly encouraged the Taiwanese business sector to take advantage of the region's currency depreciation to look for investment opportunities and mergers.