Japan establishes fund for information and communication technology

World IT Report, Apr 8, 2003

The Asian Development Bank (ADB) approved the establishment of a 1,273.3 million (approximately $10 million) Japan fund to harness the potential of information and communication technology (ICT) and bridge the growing digital divide in Asia and Pacific.

ADB will administer the Japan Fund for Information and Communication Technology (JFICT) which is financed with the contribution from the Japanese government.

The JFICT will support ICT-related activities on a grant basis that promote ADB's poverty reduction strategy, encourage private sector participation in ICT development and improve regional and international cooperation through ICT applications.

The fund will cover activities to improve developing member countries' environments for ICT development, such as policy initiatives for the development of ICT infrastructure and human resource capacities.