20 February 2009
Read all the headlines concerning the international financial institutions from the past week.
African Development Bank:
AfDB reiterates commitment to help improve extractive industries governance, February 19, 2009 (APO) - The African Development Bank (AfDB) Group has reiterated its commitment to help improve extractive industries governance in the institution’s African member countries in support of their efforts to manage public resources efficiently for development.
Nigeria's Intercontinental bank offered AfDB credit, February 18, 2009 (Reuters UK) - The African Development Bank said on Wednesday it was offering a $100 million credit line to Nigeria's Intercontinental Bank to help it fund small and medium-sized businesses in Africa's most populous nation.
Asian Development Bank:
ADB to give $850,000 grant for watershed, February 21, 2009 (PIA) - The Asian Development Bank (ADB) offers financial assistance for the protection of ecosystems in selected regions of the country under the Integrated Natural Resources and Environmental Management (INREM).
HK's funding for contribution to Asian Development Fund approved, February 20, 2009 (China View) - The government of Hong Kong Special Administrative Region (HKSAR) welcomed Friday the funding approval by the Finance Committee of the Legislative Council for Hong Kong's contribution of 26.25 million U.S. dollars (206.1 million HK dollars) to the 9th replenishment of the Asian Development Fund (ADF), or ADF X, over nine years from 2009 to 2017.
Asian Development Bank wants capital tripled: president, February 19, 2009 (AFP) - The Asian Development Bank hopes to secure a three-fold capital boost in May so it can help emerging nations through the economic crisis and support environmental projects, its head said Thursday.
Inter-American Development Bank:
US$600m credit for natural disaster emergencies, February 20, 2009 (Caribbean 360) - A new US$600 million credit facility from the Inter-American Development Bank (IDB) is providing aid for countries in the Caribbean and Latin America to better cope with natural disasters.
International Monetary Fund:
Europe can solve problems in-house, Lagarde says, by Greg Robb, February 19, 2009 (Market Watch) - Euro-zone countries must come to the aid of any troubled member-state and avoid involvement of the International Monetary Fund, if a bailout becomes necessary, French Finance Minister Christine Lagarde said Thursday.
Germany reportedly ready to shore up IMF if needed, by William L. Watts, February 19, 2009 (MarketWatch) - Germany is willing to shore up the International Monetary Fund if it becomes necessary to do so, German Chancellor Angela Merkel said Thursday, according to news reports.
IMF expects more requests for aid, February 19, 2009 (BBC) - The head of the International Monetary Fund has told the BBC that he expects more countries to request financial aid to survive the global slowdown. Iceland, Hungary and Ukraine were forced last year to appeal to the organisation for aid. IMF chief Dominique Strauss-Kahn has warned that a second round of nations will be forced to seek IMF cash.
World Bank:
World Bank president promises downturn cushion for Africa, by Keith Campbell, February 20, 2009 (Engineering News) - The World Bank will provide rapid and flexible help to African countries being buffeted by the shockwaves of the global recession, World Bank president Robert Zoellick has assured the continent’s leaders.
Africa: IMF, World Bank impoverishing continent, by Judith Achieng, February 20, 2009 (AllAfrica) - While praising the World Bank for calling on rich countries to open their markets for African imports, Nigerian president Olusegun Obasanjo, has pointed an accusing finger at the Bretton Woods institutions for their hand in 'impoverishing' millions people in Africa.
Power Grid expects $2bln funding from World Bank, ADB, February 19, 2009 (Reuters India) - Power Grid Corp of India expects to receive funding from the World Bank and the Asian Development Bank to fund its investments, a top official said on Thursday.
World Bank approves $330 million loan to help Peru mitigate climate change, February 18, 2009 (Peruvian Times) - The World Bank Board of Executive Directors approved a $330 million loan Tuesday to help Peru’s recently created Environment Ministry improve and strengthen the environmental management of key sectors such as mining, urban transport and biodiversity conservation.
World Bank: Albania project mistakes appalling, by Besar Likmeta, February 18, 2009 (Balkan Insight) - The World Bank Board of Executive Directors acknowledged in a meeting on Tuesday that a project meant to safeguard Albania’s coastal zones was used to selectively demolish parts of a village in southern Albania and leave many families homeless.