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ADB announces $500 mil fund to help people facing food crisis

Wednesday 07th May, 03:38 AM JST

MADRID —

Asian Development Bank President Haruhiko Kuroda announced Tuesday that the Manila-based lender will offer $500 million in emergency funding to developing countries in the Asia-Pacific region to help the poor and needy in the region cope with surging food prices across the world.

The ADB chief unveiled the plan at a closing press conference of the bank’s 41st annual meeting, which was held in the Spanish capital for two days amid increasing calls from developing countries in the region to help them cushion the impact of rising food prices.

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