Supachai Panitchpakdi, chairman of a blue-ribbon panel that devised the bank's new long-term strategy, called those comments by The Wall Street Journal 'disturbing' and 'misinformed' and insisted the bank remains committed to those most in need.

He spoke on Sunday as the bank met in Madrid for it annual meeting, which has been dominated by soaring food prices around the world and the danger this poses for Asia, home to two-thirds of the world's poor.

On Saturday the bank announced emergency funding to help poor countries struggling with rice prices that have nearly tripled in four months. But it warned these could keep rising and stifle economic growth in the region.

In an editorial published May 1, the Journal noted that the Manila-based bank last year lent heavily to Vietnam (US$1.5 billion (S$2 billion)), India (US$1.4 billion) and China (US$1.3 billion). These countries have colossal foreign currency reserves because of their booming economies.

Meanwhile, war-ravaged Afghanistan received US$193 million in ADB grants last year, and Timore Leste, for instance, got US$21 million.

'By lending to countries that also boast huge savings pools, those governments don't have to take responsibility for infrastructure projects they could easily afford,' the editorial said.

The ADB was created in 1966 to fight poverty through promoting economic growth.

The ADB has said updating its mission is critical because 90 per cent of the rapidly growing region's people are projected to be 'middle income' by 2020.

A development bank like the ADB should try to wean poor countries off aid altogether rather than increase its lending, the Journal editorial said. In fact, at this meeting in Madrid the bank announced a 60 per cent increase in donations - to US$11.3 billion - to a development fund that provides zero-interest loans.

'Asian policy-makers aren't dumb: Who would turn down cheap, subsidized AAA-rated financing backed by the US and Japan?' the newspaper said, referring to the 67-member bank's two main shareholders.

Mr Panitchpakdi defended the ADB's recently approved strategy for 2008-2020, which the United States voted against, due in large part to the bank's lending to China and India.

He said the strategy - focusing on economic expansion that does not leave out the poor, environmentally sustainable growth and more Asian regional integration - is a multi-prong plan that emphasises, among other things, agricultural development to guarantee food supplies.

The journal piece, Mr Panitchpakdi said, is narrowly focused and 'does not do any justice to the whole report'. He added: 'I think there needs to be some explanation to that misinformed statement.' -- AP