21 January 2009
Read all the headlines concerning the international financial institutions from the past week.
African Development Bank:
Cape Verde: African Development Bank announces funding for the next three years, January 20, 2009 (MacauHub website) - The African Development Bank (ADB) plans to provide Cape Verde with US$287 million in funding over the next three years, to be invested in building infrastructures in the country, Cape Verde’s ambassador to Portugal, Arnaldo Andrade said.
Asian Development Bank:
Asian Development Bank Provides $2.8 Million To Boost Chinese Energy Sector, By Siddique Islam, January 23, 2009 (AHN website) - The Asian Development Bank (ADB) will proved US$2.8 million as technical assistant grant to China making its energy sector cleaner and more efficient.
Inter-American Development Bank:
Panama announces $1.11 bln fund to aid banks, January 21, 2009 (Reuters website) - Torrijos said in a speech the fund would be set up by loans from the Andean Development Corporation (CAF), the Inter-American Development Bank and the National Bank of Panama to aid cash-strapped banks operating in the country if needed.
UPDATE 1-IADB creates $150 mln fund for sugar, biofuel firms, January 16, 2009 (ForexPros) - The Inter-American Development Bank on Friday said it will create a $150 million fund to support trade financing and investment loans to sugar and bioenergy firms, and exporters in Brazil, Mexico and Central America affected by the global credit crunch.
International Monetary Fund:
Brown dismisses Cameron's 'ridiculous' claim that UK may need IMF bail-out, January 23, 2009 (The Guardian website) - Gordon Brown today dismissed as "ridiculous" a claim from David Cameron that Britain's economic plight was so dire that the government could be forced to go to the IMF for a bail-out.
Ukraine needs hard decisions to satisfy IMF-aide, January 23, 2009 (The Guardian website) - Ukraine must take tough budget decisions if it is to have a good chance of continuing its programme of support from the International Monetary Fund, President Viktor Yushchenko's top economic aide said on Friday.
Obama supports more say for emerging nations in IMF, January 22, 2009 (Reuters website) - U.S. President Barack Obama wants to reform the International Monetary Fund to give developing nations a greater say in the institution, U.S. Treasury Secretary nominee, Timothy Geithner, said on Thursday.
World Bank:
World Bank may prop up carbon prices, By Mathew Carr / Bloomberg, January 22, 2009(LiveMint website) - London: The World Bank and other development banks will support the flagging carbon markets to prevent a slump in greenhouse-gas reduction projects and protect the climate, according to a former senior executive at the World Bank.
World Bank to provide $2.1bn by FY09 end, January 22, 2009 (Daily Times - Pakistan) - The World Bank and government of Pakistan are jointly working to finalise commitment of the World Bank for development projects in the country amounting $2.107 billion by the end of the current financial year.
World Bank Unit Says Funding ‘Nearly Impossible’ for New Mines, by Luzi Ann Javier, January 21, 2009 (Bloomberg) - The International Finance Corp., the private lending arm of the World Bank, said it may be “nearly impossible” for mining companies that have yet to start producing to get funds because of the credit crunch.
Nigeria: Country Needs $3.5 Billion for Gemstone Extraction - World Bank, by Leon Usigbe, January 20, 2009 (All Africa) - According to the Coordinator, World Bank Sustainable Development Project, Mr. Utsu Linus Adie who spoke at the opening ceremony of Gemstone Awareness, Identification and Grading training in Abuja, about $1.5millon dollars was needed for training alone which was expected to last for eighteen months.