INTERVIEW-UPDATE 1-ADB aims to raise borrowing limit, capital

* To sharply cut emerging Asia '09 growth rate forecasts

* Seeking approval to increase capital 2-3 times

* Sees Asia FX swap pool growing from current $120 bln

By Umesh Desai

HONG KONG, Feb 13 (Reuters) - The Asian Development Bank aims to increase its capital by 2 to 3 times so it can raise its borrowing ceiling, which it could hit by 2011 under the current capital base of $55 billion, a top official said on Friday.

A higher borrowing base would allow the development bank to raise more funds which it can lend out to support emerging Asian economies. The ADB has said it expects much slower growth for the region than previously forecast because of the global downturn.

"We are discussing with our shareholders to increase our capital," ADB Managing Director General Rajat Nag told Reuters in an interview. "We are looking at several scenarios. One calls for a doubling, one calls for a trebling and the third is 2.5 times -- in between."

The Manila-based development bank is seeking to raise its capital base from about $55 billion, which will enable ADB to leverage by 13 to 15 times, and a decision would be made by May, Nag said.

ADB has said it expected a sharp downward revision to its previous estimate of 5.8 percent growth for emerging Asia as gloomy data from across the region indicates the global financial crisis is hurting the region more than previously anticipated.