JEJU, South Korea, May 13 (Xinhua) --Some 28 donor members of the Asian Development Bank (ADB) have agreed to contribute 7 billion US dollars to the Asian Developmnetent Fund (ADF), announced ADB president here Thursday.

    " I am truly gratified by this very strong show of support fromADB's donors," said ADB President Tadao Chino at a press conference two days before the 37th Annual Meeting of the ADB Board of Governors at Jeju, a southwest island of South Korea.

    The replenishment, much higher than the 5.56 billion US dollarsdonated to the ADF in the 2001-2004 period, will cover the 4-yearperiod from 2005 to 2008.

    China is a first time contributor with 30 million US dollars and Malaysia has resumed its donations to the fund, the president said.

    The ADF loans are provided on concessional terms to ADB's poor developing members with limited debt repayment capacity. They support poverty reduction through pro-poor sustainable economic growth, provision of social development such as education and health care, and the promotion of good governance. They typically carry minimal rates of interest over long repayment period.

    The ADB approved its poverty reduction strategy in November 1999. The Asia and Pacific region is home to almost two-thirds of the world's poor, with some 720 million people still living in extreme poverty.

    Established in 1973, the ADF has played a significant role in promoting sustainable economic development in low-income countries.

    In 2003, 47 ADF loans were approved amounting to 1.379 billion US dollars.

    Projects financed from ADF include the reform and improvement of education, health and sanitation, women status, environmental protection, capacity building, as well as regional cooperation in social and economic development. Enditem