Singapore Hosts Meeting On The Asian Growth and Recovery Initiative (AGRI)

12 Apr 1999... Singapore will host a one-day meeting on the Asia Growth and Recovery Initiative (AGRI) at the Ritz-Carlton Millenia Hotel on 12 April 1999. The AGRI is a US$10 billion multilateral initiative by the US, Japan, the World Bank and the Asian Development Bank for crisis-hit countries in Asia. The meeting, co-chaired by the US and Japan, brings together various APEC member countries, as well as the International Monetary Fund, the World Bank and the Asian Development Bank.

We would like to invite members of the media to a press briefing by the co-chairs of the AGRI meeting, Mr Timothy F Geithner, Under Secretary for International Affairs, US Department of the Treasury, and Mr Kiyoto Ido, Deputy Director-General, International Bureau, Ministry of Finance of Japan. Details of the press briefing are as follows:

The US and Japan announced the AGRI at the APEC Summit in November 1998. The Initiative consists of four main elements:

• facilitating bank and corporate restructuring;
• facilitating trade and working capital financing;
• mobilising new private sector capital; and
• provision of technical assistance.

Please contact Janet Lee at 2299203 to confirm your attendance.