May 10, 2000

MAY 10, 2000, M2 Communications – ADB President Tadao Chino and Mr. Bounnhang Vorachith, Deputy Prime Minister and Minister of Finance of the Lao People’s Democratic Republic (Lao PDR) signed yesterday the agreement for the establishment of an ADB Resident Mission in Lao PDR. This will pave the way for the official opening of ADB’s Resident Mission in Vientiane.

ADB has extended development assistance to Lao PDR since 1970. As of December 1999, cumulative lending to Lao PDR consisted of 46 loans amounting to US $827 million. In addition, technical assistance grants for 171 projects amounting to US $76.5 million had been provided.

In the 1970s and 1980s, ADB assistance was focused mainly on economic growth projects involving infrastructure development in the transport and energy sectors. Financial sector development was also assisted by ADB in the latter part of the 1980s. Since the early 1990’s, the emphasis of ADB assistance to Lao PDR has been broadened to include rural development, social development and environment.

Establishment of an ADB Resident Mission in Lao PDR is expected to significantly enhance the effectiveness of the Bank’s operations in Lao PDR.

“Establishing a resident office in Vientiane will open a new chapter in our long and productive development partnership”, said President Chino during the signing ceremony for the agreement.