New APEC Fund for Supporting Capacity Building Approved

Developing Member Economies will receive increased assistance for activities in APEC's high priority economic and technical cooperation sectors through the new APEC Support Fund (ASF).

The ASF was formally approved during this week's APEC Senior Officials Meeting in Jeju, Korea, with Australia generously committing A$3 million over three years to the establishment of the fund.

Kim Jong Hoon, Chair of the 2005 APEC Senior Officials Meetings (SOM), said the ASF will provide a unique opportunity for an increased number of government and non-government sources to become involved in the important work of APEC.

"The ASF will enable more people to take part in APEC capacity building initiatives that empower their communities to meet the challenges of the modern global economy," Mr. Kim said.

"Designed as a flexible funding mechanism, the ASF will enable a range of contributions and uses to be provided around the region.

"The ASF has the flexibility to provide contributions for specific activities such as counter-terrorism capacity building or to help women develop small businesses in developing areas.