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Asian Development Bank



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No. 970.

■ S ' . ' , '

FOR PRESS !

STATEMENT BY THE TREASURER

THE RIGHT HONORABLE WILLIAM McMAHON, M.P.

ASIAN DEVELOPMENT BANK

The Treasurer (Mr. William McMahon) announced today

that a high-level delegation would represent Australia at the

inaugural meeting of the Board of Governors of the Asian

Development Bank to be held in Tokyo from 24th to 26th November.

Mr. McMahon said 'that the delegation would be led by the Minister

for Labour and National Service (The Honorable L.H.E. Bury) who

would act in his place as Governor for Australia. Mr. F.C. Pryor,

First Assistant Secretary, Department of the Treasury, would be

the Alternate Governor. The delegation will also include

Mr. J.M. Garland, Adviser, Reserve Bank of Australia,

Mr. C.V/. Conron, Department of the Treasury, and . ■

Mr. F.R. Dalrymple, Department of External Affairs.

Mr. McMahon said that the Asian Development Bank had '

an important role to play in the stimulation of economic progress

and co-operation in Asia and high hopes for its success were

held throughout the ECAFE region. As the fourth largest sub­

scriber to the Bank's capital - with a subscription of $US85

million - Australia would be taking an active interest in the

Bank's operations and would do all it could to make the Bank a

success.

Mr. McMahon felt that the support which the Bank was

already receiving from both inside and outside the ECAFE region

augured well for its future. He expected that the Board of

Governors' meeting would decide that the Asian Bank should

commence operations on 19th December and that it would appoint

the President of the Bank and elect the first Board of Directors.

Australia expects to be represented on the Board of Directors

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and Mr. J.M. Garland would be nominated as Australia's

Executive Director. A number of other matters which need to

be decided before the Bank commences its operations in Manila

will also be considered at the meeting. '

Canberra, A.C.T.

17th November, 1966.