ISLAMABAD: The Asian Development Bank (ADB) has set up a new multi-donor trust fund to support participation of developing countries at the next global forum on aid effectiveness.
The Fourth High Level Forum on Aid Effectiveness Trust Fund, to be administered by ADB, will take contributions from bilateral, multilateral and individual sources, including corporations and foundations, said a press statement received here on Monday.
The fund will provide assistance for representatives from developing countries who will attend the forum in Busan, Republic of Korea in November, it added.
"The fund will contribute towards ADB efforts to support developing countries to take ownership of the aid effectiveness agenda. It reflects ADB's continuing strong commitment to the Paris Declaration on Aid Effectiveness forged back in 2005," said Kazu Sakai, Director General of ADB's Strategy and Policy Department.
The Paris Declaration on Aid Effectiveness is an international agreement among donor countries to align and rationalize aid activities to avoid resource duplication and improve development outcomes.
ADB played a key role in the forum that drew up the Paris Declaration, as well as the follow-up High Level Forum 3 held in Accra, Ghana in 2008.
ADB is also actively involved in the fourth forum in Busan, which will review whether earlier commitments and targets have been reached, and what stepsare needed to ensure aid is having desired development results.
Up to 2,000 participants from over 150 countries are expected in Busan, including ministers, heads of bilateral and multilateral institutions, developing country governments, parliaments, civil society organizations, foundations, the private sector and academia, the press statement added
Contributions to the fund will be on an untied grant basis, with money pooled together in one account, the press statement said adding the fund will be held and invested at the discretion of ADB and will terminate once the bulk of money has been disbursed.
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