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<title>CANADIAN INSTITUTION LEADING NEWLY ESTABLISHED ASIAN EQUITY INFRASTRUCTURE FUND</title>
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<p><font face="Univers" size="+2"></font><font face="Univers" size="+2">May 1, 1998 No. 108</font></p>
<p align="CENTER"><font face="Univers" size="+2">CANADIAN INSTITUTION LEADING NEWLY ESTABLISHED ASIAN
EQUITY INFRASTRUCTURE FUND</font></p>
<p><font face="Courier">Foreign Affairs Minister Lloyd Axworthy today welcomed the establishment of a
US$400 million Asia Equity Infrastructure Fund, with lead sponsorship by the
Caisse de dépôt et placement du Québec (CDPQ) and support from the Asian
Development Bank (AsDB). The fund was announced by the CDPQ at AsDB's annual
meeting held in Geneva April 29 to May 1.</font></p>
<p><font face="Courier">"This fund, the largest Canadian-led investment fund in the Bank so far,
represents a significant contribution to further strengthening the links between
Canada and the Asia-Pacific region," said Mr Axworthy, who is Governor for Canada
of the Asian Development Bank. "It also testifies to the excellent relationship
that has developed over more than 30 years between Canada and the Asian
Development Bank."</font></p>
<p><font face="Courier">As lead sponsor, the CDPQ will contribute US$200 million and, as co-sponsor, the
AsDB will contribute US$20 million. The balance will be raised from within the
private sector in both Canada and Asia. The AsDB-CDPQ agreement establishing the
fund constitutes the largest single joint project between the AsDB and a Canadian
institution. </font></p>
<p><font face="Courier">The Asia Equity Infrastructure Fund will invest in infrastructure projects in
energy, environment, transportation and telecommunications. It will take a
proactive approach in countries such as Malaysia, the Philippines and Thailand,
among others. The turning point in discussions between the CDPQ and the AsDB was
the high-level meeting that took place in Manila during the 1997 Team Canada
visit. </font></p>
<p><font face="Courier">- 30 -</font></p>
<p><font face="Courier">For further information, media representatives may contact:</font></p>
<p><font face="Courier">Debora Brown</font></p>
<p><font face="Courier">Office of the Minister of Foreign Affairs</font></p>
<p><font face="Courier">(613) 995-1851</font></p>
<p><font face="Courier">Media Relations Office</font></p>
<p><font face="Courier">Department of Foreign Affairs and International Trade</font></p>
<p><font face="Courier">(613) 995-1874</font></p>
<p><font face="Courier">This document is also available on the Department's Internet site:
http://www.dfait-maeci.gc.ca</font></p>
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