MANILA The Asian Development Bank (ADB) said Wednesday that it is setting up a 2.273 billion-yen ($10 million) fund to develop the information and communication technology (ICT) potential of its developing member countries.

Funded by its largest shareholder Japan, the fund will support on a grant basis ICT-related activities that promote the bank's poverty reduction strategy as well as encourage private sector participation in ict development, AFP quoted a bank statement as saying.

In another AFP report, the Asian Development Bank (ADB) is to release a one million-dollar technical assistance grant to Bangladesh for a study of soil erosion on the banks of the country's major rivers.

Japan will finance the grant that will target threatened sections of flood embankments of two ADB-financed projects on the Jamuna and Meghna rivers, the Manila-based institution said.