14 November 2008
Read all the headlines concerning the international financial institutions from the past week.
African Development Bank:
AfDB to loan US$ 293 million for regional infrastructure development, by Richard High, November 12, 2008 (KHL website) - In an effort to boost regional economic growth and reduce poverty the African Development Bank (AfDB) has approved a US$ 293.4 million loan to Tunisia, Mozambique and Third Emerging Capital Partners Africa Fund (EAF 3).
Tanzania / African Development Bank (AfDB) /US$ 42 Million for Zanzibar Water and Sanitation Project, November 12, 2008 (African Press Organization website) - Efforts to improve water supply and sanitation in Zanzibar have received strong support from the African Development Bank (AfDB) Group which on Tuesday in Tunis, approved a combined loan and grant of 28 million Units of Account (UA*), about US$ 41.8 million, to finance the island’s water and sanitation project.
Tunisia to host African conference on financial crisis, November 10, 2008 (China View website) - African finance ministers and central bank governors will meet on Wednesday here to discuss the impact of the world financial crisis and seek the best alternatives to shield African economies, the Tunis-based African Development Bank said Monday.
Eskom, AfDB sign $500m loan to help fund expansion, By Christy van der Merwe, November 10, 2008 (Engineering News Online) - State-owned electricity producer Eskom on Monday signed a $500-million, 20-year loan with the African Development Bank (AfDB), as part of its capital raising plans to fund its R343-billion investment programme.
Asian Development Bank:
ADB: Kazakhstan granted $7 mln loan to build "new Silk Road", November 13, 2008 (China View website) - The Asian Development Bank (ADB) said Thursday that it is extending 700 million U.S. dollars to Kazakhstan to help build a "new Silk Road" that will transform the country's economy.
ADB lends Vietnam US$72m, November 11, 2008 (The Straits Times website) - The Asian Development Bank (ADB) said on Tuesday it had lent Vietnam US$72 million (S$108 million) to upgrade health services in parts of the country, including several poverty-stricken provinces.
ADB commits $1.2B in loans to Manila, by Cai U. Ordinario, November 11, 2008 (Business Mirror website) - In the face of the spreading global financial meltdown, the Philippines will have a crutch from the Asian Development Bank (ADB): $1.2 billion in loans and technical assistance that the bank committed to extend under its Country Strategy and Program (CSP) for the Philippines in the next two years.
Himachal signs MOU with ADB to procure loan for hydro projects, November 10, 2008 (The Hindu website) - Himachal Pradesh has signed an agreement with the Asian Development Bank (ADB) for procuring the highest-ever loan of Rs 3,800 crore for hydel-power generation in the country.
Inter-American Development Bank:
IDB, BANOBRAS partner to expand financing for Mexican States and Cities, November 13, 2008 (Portal Fator Brasil website) - US$1.2 billion line of credit for investments in infrastructure and public services.
IDB supports investments in Peru’s agricultural health service, November 8, 2008 (Portal Fator Brasil website) - Peru’s agricultural health service. Bank will help finance US$305 million program aimed at boosting agriculture competitiveness.
International Monetary Fund:
World Needs Stronger IMF to Prevent Crisis, Strauss-Kahn Says, By Halia Pavliva, November 9, 2008 (Bloomberg website) - The International Monetary Fund should strengthen its role to monitor member countries' policies more strictly, and help isolate any regional financial problems, said the fund's managing director, Dominique Strauss-Kahn.
Bretton Woods II unlikely to emerge from G20 summit, By Alan Beattie and Krishna Guha, November 8, 2008 (FT website) - The summit of the world's leading countries next weekend is unlikely to produce radical change in the way the global economy is governed, according to the head of the International Monetary Fund.
Ukraine welcomes $4.5bn stand-by IMF loan, By Roman Olearchyk in Kiev and Stefan Wagstyl, November 7, 2008 (FT website) - Ukraine will receive initial loans worth $4.5bn in the next few days to bolster the crisis-hit economy under the International Monetary Fund's bail-out package, say officials in Kiev.
World Bank:
World Bank's 'green bonds', by Fiona Harvey, November 11, 2008 (FT website) - The World Bank has issued its first "green bond" as part of an initiative it hopes will eventually result in billions of dollars in new investment in low-carbon technology in the developing world.
World Bank in $100bn aid push, By Daniel Dombey and Michael MacKenzie, November 11, 2008 (FT website) - The World Bank is set to provide up to $100bn in new aid to developing countries, amid fears that the spreading effects of the financial crisis could devastate poorer and middle-income states.
World Bank offers Nigeria fresh $3 bln loan on infrastructure, November 10, 2008 (China View website) - The World Bank has offered Nigeria the opportunity of a fresh loan of 3 billion U.S dollars to improve its infrastructure, reported the Punch newspaper on Monday.
Haryana forest department proposes project to World Bank, Preeti Parashar, November 10, 2008 (Express India website) - With the aim to bring 20 per cent of the total land under forests by 2020, the Haryana State Forest department has proposed a Resource Management and Livelihood Project to the World Bank for funding.
Ahead of G20, World Bank warns of new danger zone, By Lesley Wroughton, November 7, 2008 (Reuters website) - Developing countries are entering "a new danger zone" as the financial crisis spreads to their economies, a World Bank paper prepared for a Group of 20 meeting of finance ministers this weekend says.