ASEAN member countries have agreed to launch an infrastructure fund and a new financial surveillance agency later this year.

The acting head of the Indonesian Finance Ministry's fiscal policy department, Bambang Brodjonegoro on April 7 informed the plan on the sidelines of the April 7-8 ASEAN Finance Ministers' meeting in Bali, Indonesia.

The new financial surveillance agency, to be called the ASEAN plus 3 Macro Economic Research Office (AMRO) is scheduled to be set up on May 1.

Brodjonegoro said that the agency will watch the financial situation in ASEAN countries and will issue an early warning when, for example, a country, needs supports. The AMRO will issue recommendations after receiving request from the country.

AMRO has an initial contribution of 120 billion USD.

The infrastructure fund, with an estimated capital of between 450-480 million USD, is expected to be launched in September this year. It is aimed at financing infrastructure projects in the region.

Bambang Brodjonegoro said that Malaysia is the biggest contributor with 150 million USD, followed by Indonesia , 120 million USD and the ADB, whose contribution is yet to be specified.

Each infrastructure project will be co-financed by the ADB and ASEAN./.