Swiss boost funding to help eradicate poverty in Asia

The ADB finances projects supports in Asia and the Pacific region promote social and economic development. The archive picture shows a booth selling films in Afghanistan. Keystone/Rafiq Maqbool

The Swiss government has pledged CHF24.8 million ($27.6 million) towards the Asian Development Bank (ADB) to help promote social and economic development in the region.

The contribution is part of a $4 billion international credit package notably for Afghanistan, Kyrgyzstan and Tajikistan as well as several small Pacific Islands over the next four years.

The funds are aimed at creating jobs in conflict-ridden countries as well as helping countries cope with climate change and the Covid-19 pandemic, according to a government statement on Wednesday.

“The Covid-19 crisis has undermined efforts at poverty reduction over the past decade,” the statement said.

Switzerland has been a member of the ADB since 1967 and is among the top 12 contributors. It is represented in the governing bodies of the Manila-based organisation and carries out development projects together with the bank.

SwitzerlandExternal link has participated in the Asian Development Fund since its founding in 1973.

The mandate of the ADB aligns with Switzerland’s foreign policy objectives, according to the State Secretariat for Economic AffairsExternal link.