HONG KONG, Feb. 20 (Xinhua) -- The government of Hong Kong Special Administrative Region (HKSAR) welcomed Friday the funding approval by the Finance Committee of the Legislative Council for Hong Kong's contribution of 26.25 million U.S. dollars (206.1 million HK dollars) to the 9th replenishment of the Asian Development Fund (ADF), or ADF X, over nine years from 2009 to 2017.

    "Hong Kong's continued contribution to the ADF is a practical demonstration of our support for the ADB's poverty reduction and development efforts in the region. As a responsible member, Hong Kong has the obligation, along with other economies, to support ADB activities," said a spokesman of the HKSAR government.

    "It also shows our recognition of the ADB's contribution to the development of Hong Kong in the past," he added.

    The ADF was established in 1973 by the Asian Development Bank (ADB) to provide concessionary lending to the most needy member countries. The objective of the ADF is to promote poverty reduction and improve the basic quality of life of the poorest countries in the region. These include various infrastructure projects for road improvement, power distribution, water supply and sanitation.

    On Dec. 9, 2008, the Chief Executive in Council decided that Hong Kong should contribute its share of 26.25 million U.S. dollars to ADF X over a nine-year period.

    Hong Kong joined the ADB in 1969 and has been a donor to the ADF since 1983.

    Hong Kong has benefited from ADB operations in the region. From1972 to 1980, Hong Kong obtained five loans totaling 101.5 million U.S. dollars from the ADB. All the loans were repaid in full by 1987.

    Hong Kong has contributed to six previous replenishments of the ADF in 1983, 1987, 1992, 1997, 2001 and 2005.