Asean Infrastructure Fund To Focus On Financing For Member Countries

13 April 2010 , By Bernama

Asean Finance Ministers who met in Nhatrang, Vietnam last week, discussed the establishment of the Asean Infrastructure Fund through the Manila-based Asian Development Bank (ADB).

Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah said the fund, would focus on financing infrastructural development in member countries.

He said, if implemented quickly, the fund would benefit Asean members by providing opportunities for entrepreneurs involved in infrastructure development, apart from investors who can secure bonds provided by the ADB.

"At that meeting, we discussed integrating the financial and capital sector for member countries, to see how the regional economy can be strengthened by focusing on financing infrastructural development via the establishment of the Asean Infrastructure Fund through the ADB," he told reporters after chairing a forum on the development of the Tambun parliamentary constituency under the 10th Malaysia Plan at the Dewan Gagasan 1Malaysia in Chemor Monday.

He stated the meeting in Vietnam also discussed how to increase capacity among all countries involved in implementing the Asean Economic Community in 2015.

This is because Asean, which now has a 600 million poulation, will become the global centre for economic growth by then.

According to Ahmad Husni, a comprehensive study was being undertaken to establish the Asean Graduate Business School in the Iskandar Development Region, Johor.

He said it would be the first institution in Asean to undertake research on strengthening trade within member countries.

In another development, Ahmad Husni said Malaysia would present a proposal paper on reactivating the "Asean Finance Ministers Investor Seminar" in Kuala Lumpur.

"This seminar was previously held five years ago outside Asia to attract investors, but was not effective," he explained.

The proposal to organise the seminar in Kuala Lumpur is to attract the involvement of intermediaries, public listed companies and investors from Asean, to strengthen the capital sector, apart from investors from developed countries.