US$ 700 Million for Guarantee Fund, The ASEAN finance ministers’ meeting last week decided to establish an infrastructure fund managed to support infrastructure funding in the ASEAN region.
The US$ 485.2 million fund came from ASEAN members and the Asian Development Bank. This shows ASEAN’s strength and commitment to solidarity, as well as the consensus to maintain growth, facilitate connectivity and narrow the infrastructure development gap in ASEAN.
The meeting also discussed uniting ASEAN’s financial markets. In the regional bond market, the finance ministers hope to apply the loan guarantee facility and investments worth US$700 million for private companies issuing bonds this coming May 2011.