China angrily denounced Thursday the approval by the Asian Development Bank of a 2.9-billion-dollar funding plan for India, saying the scheme encroached on a territorial dispute between the Asian giants. "The Asian Development Bank, regardless of the major concerns of China, approved the India Country Partnership strategy which involves the territorial dispute between China and India," foreign ministry spokesman Qin Gang said.
Referring to a largely uninhabitable Himalayan region. "China expresses its strong dissatisfaction over this... The bank's move not only seriously tarnishes its own name, but also undermines the interests of its members." A bank spokeswoman confirmed to AFP that the plan had won "broad support" from the board of directors during a Monday meeting.
But insisted it was not taking sides in the territorial dispute, only seeking to push forward its poverty alleviation efforts. "ADB takes no position on territorial disputes between its members," ADB spokeswoman Ann Quon told AFP in an email. According to India's Economic Times, the 2.9-billion-dollar package for India covers the whole country for the period from 2009 to 2012.