Asian Development Bank (ADB) President Tadao Chino Sunday called on
developing countries to create a healthy and sound investment
environment to attract long-term capital from institutional
investors.
Addressing a round-table conference on the sideline of the bank's
35th annual board meeting in Shanghai, he said one of the
majorchallenges facing ADB developing country members was promoting
therational flow of long-term capital from institutional
investors.
Many Asian developing countries have already cooperated with
multinational organizations, including the bank, in programs
designed to improve the macro-economic environment and promote
thedevelopment of domestic pension funds and mutual funds and the
insurance sector.
The programs include anti-poverty development projects and
improving the governance of public institutions and enterprises.
The ADB president said the efforts were conducive to ensuring the
mobility of long-term capital in the region and stabilizing
domestic capital markets in those countries.
Nicholas Brady, chairman of Darby Overseas Investment, said
establishing and maintaining a sound financial system, especially
the banking system, was of great importance in promoting the flow
of international capital and the process of globalization.
Among the topics discussed at the round-table conference were the
role of private companies in managing non-performing assets, the
prospects of the globalization of the capital market, and corporate
governance.
Representatives and experts from major financial organizations
around the world attended the meeting.
(Xinhua News
Agency May 12, 2002)