John Paul Phelan (Fine Gael)

I welcome the Minister of State to the House and wish him and his departmental colleagues a happy Christmas.

I have no particular issues with what is contained in this Bill and Fine Gael will not be opposing it in any way. It is appropriate and consistent with Government policy over a long period that we should join as many development banks as we can. The Minister of State outlined the development banks of which we are a part. The Bill is a logical progression and the next step in that development area.

The entry cost involved of €33 million spread over four years is not a huge sum of money and neither the Opposition nor, I am sure, the Government would have a problem with that. Furthermore, I have no problem with the €1.6 million due to be paid into the two trust funds. The idea of the two trust funds, as announced and expanded on by the Minister of State, are two areas where we should seek to develop new initiatives as in this case in the Asian continent but also throughout the rest of the world. Of the total, the contribution of more than €23 million is to be made to the Asian development fund. The Minister of State outlined the natural disasters and events that have occurred in that continent during the past 12 months. The contribution of €23 million to that fund is to be welcomed.

The Minister of State referred to our contribution to overseas development aid and the Government's new target. While it is not satisfactory that the target was changed, we must strive to ensure that the target now in place is met. Fine Gael is committed to fulfilling that commitment as soon as possible.

The Minister referred to the establishment of the Asian Development Bank, that it is owned by 63 members and was established in 1966. From an Irish perspective, it is obvious that we were not in a position in 1956 to be a part of or among the founding members of that bank. However, when one considers the economic miracle that has taken place here during the past 40 years, it is fitting that we should now become a member. When one considers the numerous campaigns that have taken place during recent years such as Drop the Debt campaign and the Live Aid campaign which took place last year, it is fitting at this juncture that we would seek to become part of it. The bank is involved in 19 residential missions, which support its objective of reducing poverty by strengthening representation in its regional and non-regional members and providing broader and more direct access to its constituencies.

When I was doing some research on this matter, I learned that the former Soviet republic of Kazakhstan has made significant progress in poverty reduction over recent years. The percentage of people in that country who live below the poverty line has decreased to 15%. It was considerably higher than that a couple of years ago, but the position has changed on foot of the support offered by the Asian Development Bank and other development agencies. We should seek to assist any body that is helping in such a meaningful way to improve the lives of people who are affected by poverty.

The Bill highlights the general issue of development. Not only should Ireland make a commitment to economic liberalisation, it should also make a concerted effort to bring about a revolution in how developing countries are treated. We need to ensure that the benefits of global trade are spread more evenly throughout the world. The Bill before the House will contribute positively in that regard.

As I have said, the recent Drop the Debt and Make Poverty History campaigns, which received a significant level of support in this country, highlighted the depth of feeling in Ireland and other countries about the need to play an active part in ensuring that the lives and conditions of people who are less fortunate than ourselves — on the continent of Asia in this case — are improved as a result of our financial contributions. Ireland is in a unique position in that regard, as I have said previously. Many people would argue that there were never really that many poor people in this country. We have a unique perspective on the development of Ireland between the Famine and the Celtic tiger era. This country experienced the complete spectrum of relative poverty, or actual poverty, over those years. Ireland's contribution to the Asian Development Bank is an important one for that reason.

I do not intend to propose any amendments to this Bill, the general objectives and purpose of which are quite laudable and admirable. Fine Gael will ensure its speedy passage through the House this morning.