The Asian Development Bank (ADB) ended its annual board of governors conference on Monday on Jeju Island.

Deputy Prime Minister Lee Hun-jae said that despite economic uncertainties stemming from fear of global terrorism, soaring international oil prices and a possible U.S. interest rate hike, economic prospects are bright and ADB members must work together to transform them into sustainable development.

Lee, who chaired this year's three-day meeting, said in a closing statement that the Asia Pacific region must become the driving force behind global economic growth and assume the role of global business leaders.

During the meeting, member nations agreed to replenish the Asian Development Fund with seven billion dollars, which would allow the organization more leeway to pursue its main goal of battling poverty in underdeveloped nations.

The next round of ADB Board of Governors meeting will be held in the Turkish capital of Istanbul.