ASEM Trust Fund Home

The ASEM Asian Financial Crisis Response Trust Fund (ASEM TF) was established by the leaders of the Asia Europe Meeting in June 1998 to provide support to the East Asian crisis hit countries. Contributions to the ASEM Trust Fund 1 (ASEM TF1) amounted to $43.8 million, with the European Commission as the largest contributor. With the success of ASEM TF1, the European and Asian leaders decided to launch a second phase of ASEM Trust Fund. ASEM Trust Fund 2 (ASEM TF2) became operational in March 2001 with the initial contribution of the UK. The World Bank East Asia and Pacific Region administers the ASEM Trust Funds.


ASEM TF1

ASEM TF1's central objectives were to facilitate the recovery of countries affected by the financial and economic crisis in East Asia and specifically to support reform programs agreed upon with the international financial institutions. It aimed to make available timely and practical support and technical advice to seven crisis affected East Asian countries, focusing on two critical areas: 1) social welfare and safety nets; and 2) financial and corporate restructuring. ASEM TF1 supported over 70 activities in seven East Asian countries - China, Indonesia, Korea, Malaysia, the Philippines, Thailand, and Vietnam.


ASEM TF2

ASEM TF2 was established in March 2001 with the UK's contribution of $7 million. Total contributions to date amount to $38.2 million with the European Commission as the largest contributor.  Other contributors include China, Denmark, European Commission, Finland, France, Italy, Korea, the Netherlands, and Sweden.  ASEM TF2 maintains the focus of its predecessor on financial and corporate restructuring and on social welfare and safety nets.  Grants have been made to five East Asian countries: China, Indonesia, the Philippines, Thailand and Vietnam.