30 January 2009
Read all the headlines concerning the international financial institutions from the past week.
African Development Bank:
AfDB told to free procurement processes, by Samuel Boadi, January 27, 2009 (Daily Guide Ghana) - Boateng Siriboe, Chief Director of the Ministry of Finance and Economic Planning, has reprimanded the African Development Bank (AfDB) for delaying the disbursement of funds for its funded projects in Ghana with outmoded procurement processes.
AfDB funds Songwe River development programme, by Benson Makhuyula, January 27, 2009 (The Daily Times - Malawi) - The bank has so far pledged about US$9.9 million to the Songwe River Basin Development Programme which was formulated in the 1990’s and would among other things see the construction of dams and dykes, the development of hydro electric plant and irrigation schemes, on both sides of Malawi and Tanzania.
Asian Development Bank:
State seeking Rs 1,200-cr ADB loan for power sector, by Ajit Patowary, January 29, 2009 (Assam Tribune) - The [Assam] State is making a determined effort to get another Asian Development Bank (ADB) loan worth US$250 million (around Rs 1,200 crore), at a 90:10 ratio, that is, the responsibility of repaying 90 per cent of the loan amount lying with the Central Government, to further augment its power transmission network.
Mixed reactions to ADB stimulus package, by Cai U. Ordinario, January 27, 2009 (Business Mirror) - The proposal of the Asian Development Bank (ADB) to create a “stimulus package” for member-countries gathered mixed reactions from local government officials and international civil-society organizations (CSOs). In a paper titled “Global Financial Crisis and Proposed ADB Response” by the bank’s Strategy and Policy Department, the ADB is eyeing to pump in an additional $9.4 billion to its operations by front-loading the Asian Development Fund (ADF) and providing additional resources for its ordinary capital requirements (OCR).
ADB announced its first energy project in Azerbaijan came into effect, January 26, 2009 (Azerbaijan Business Center) - The Asian Development Bank's (ADB) loan agreements on a Power Transmission Enhancement Project signed in Baku on December 6, have started to become realized. The Baku-based ADB representative office announced that the project officially came into effect on January 26.
ADB mission in Kathmandu to discuss hydro projects, January 26, 2009 (NepalNews) - A special team of the Asian Development Bank (ADB) is in Kathmandu to discuss investments in hydro-power with officials of the Ministry of Water Resources (MoWR). According to Shankar Prasad Koirala, secretary of MoWR, talks were held in detail about the investments in West Seti with a capacity of 750 MW, Gorkhapatra daily reported.
Inter-American Development Bank:
IDB supports creation of new sustainable energy matrix in Peru, January 30, 2009 (Check Biotech) - Peru will develop a New Sustainable Energy Matrix that will encourage the growth of hydrocarbon and renewable energy markets in an environmentally and socially responsible framework, with financial and technical support from the Inter-American Development Bank.
International Monetary Fund:
As bailouts mount, Monetary Fund weighs issuing its own bonds, by Nelson D. Schwartz, January 29, 2009 (NY Times) - In a sign that more national bailouts may be needed to prevent what has become a global financial crisis from worsening, the International Monetary Fund is expected to borrow $100 billion from Japan and may even issue bonds, an unprecedented step in its 64-year existence.
Mongolia, IMF in talks on $60 mln-70 mln loan, by Jason Subler, January 29, 2009 (Reuters) - Mongolia is in talks with the International Monetary Fund (IMF) over a loan package of $60 million to $70 million that could attract investment in its mining sector, the country's president said on Thursday.
Washington economists press Geithner on IMF reforms, by Lesley Wroughton, January 27, 2009 (Reuters UK) - More than a dozen high-profile economists on Tuesday called on the Obama administration to delay congressional approval of a proposal on changing voting power at the International Monetary Fund and negotiate more ambitious reforms.
World Bank:
IFC to assist Peru LNG community programs, by Nick Snow, January 30, 2009 (Oil and Gas Journal) - The International Finance Corp. agreed to help a consortium developing Latin America's first liquefied natural gas export project to run associated community development programs, the World Bank division said January 29.
Sun, water are Africa's energy hopes, says World Bank expert, By Ingi Salgado, January 28, 2009 (Business Report) - Solar electricity generation could, with further research and development, be the "number one saviour" for sub-Saharan Africa's power problems, World Bank lead energy specialist Reynold Duncan said yesterday.
PowerGrid to get $400 mn loan from World Bank, by Anto Antony, January 27, 2009 (Economic Times) - PowerGrid Corporation of India Ltd, the government owned power transmission company, inked a loan agreement for $ 400 million with World Bank on Tuesday . The loan will be utilised to fund power grids transmission projects during the 11th plan.
World Bank approves US$30 Million to increase energy efficiency in Honduras, January 24, 2009 (Info Zine) - The World Bank Board of Directors approved a US$30 million interest-free loan to strengthen the energy sector in Honduras and improve the financial and operational performance of the national electric power company, Empresa Nacional de Energía Eléctrica (ENEE), thus contributing to the sustainability of the country’s energy sector.