25 July 2008
The "Weekly Roundup" is a compilation of select news articles, blogs or other media concerning the international financial institutions from the past week.
African Development Bank:
Africa: Inga Electric Project Talks On, By Kagire Edmund, July 22, 2008 (All Africa website) - Roundtable talks on the construction of the World's second largest and Africa's largest power project on the River Congo kickoff today in the DR Congo capital Kinshasa.
Africa / Poverty reduction / AfDB and BOAD Sign FCFA 28.7 Billion Investment Agreement, African Press Organization, July 22, 2008 (APO blog) - The African Development Bank Group (AfDB) and the West African Development Bank (BOAD) on Monday, in Tunis, signed a financial agreement comprising an equity participation, a line of credit and an institutional support amounting to CFAF 28.7 billion.
Uganda: Bujagali Project Still On, By Barbara Among, July 19, 2008 (All Africa website) - The African Development Bank (ADB) has allayed fears that it would withdraw its funding for the 250MW Bujagali Hydropower project.
AfDB grants $15.53 mln to DRC for hydroelectric project, July 18, 2008 (Xinhua website) - The Democratic Republic of Congo (DR Congo) and the African Development Bank (AfDB) have entered into an agreement that will see the country receive a grant of 15.53 million U.S. dollars to fund a hydroelectric project.
Asian Development Bank:
ADB says limited success for poverty programs in Philippines, Agence France-Press, July 23, 2008 (Inquirer.net) - The Asian Development Bank (ADB) said Wednesday that its programs aimed at lifting millions of Filipinos out of poverty have had limited success.
Asian Development Bank To Provide $170 Million To Bangladesh For Food Crisis, By Siddique Islam, July 22, 2008 (All Headline News website) - The Asian Development Bank (ADB) will loan $170 million to Bangladesh to help the country cope with its food crisis.
ADB is ready to endorse a $160 million credit for Azerbaijan transmission system in August or September, July 21, 2008 (Azerbaijan Business Center website) - The Asian Development Bank (ADB) mission led by Tyanhua Luo has completed talks on Power Transmission Enhancement Project in Azerbaijan.
Former ADB President Tadao Chino passes away, July 18, 2008 (INQUIRER.net) - Tadao Chino, former president of the Asian Development Bank (ADB), passed away in Tokyo, Japan, Thursday at the age of 74.
European Bank for Reconstruction and Development:
EBRD lowers its 2008 GDP growth forecast for Ukraine, July 21, 2008 (Steelguru.com) - According to Deutsche Welle report, the European Bank for Reconstruction and Development has lowered its 2008 GDP growth forecast for Ukraine from 6% to 5.5% due to price hikes. The forecast was released May 19 at the EBRD executive’s session in Kyiv.
Inter-American Development Bank:
Development Bank to Make $269 Million Loan To Brazil Ethanol Maker, By Antonio Regalado, July 24, 2008 (WSJ website) - The Inter-American Development Bank said it plans to approve a $269 million loan to Brazilian ethanol maker Cia. Nacional de Açúcar & Álcool, one of the largest development loans ever for biofuels.
UPDATE 2-IADB backs sugar-based ethanol plants in Brazil, By Adriana Garcia, July 23, 2008 (Reuters website) - The Inter-American Development Bank on Wednesday approved a record $269 million loan to develop three sugar-based ethanol plants in Brazil, as the debate continues over the impact of biofuels on food prices.
High-level OAS Caribbean sustainable energy seminar for Bahamas, July 22, 2008 (Caribbean Net News website) - The Organization of American States (OAS) is teaming up with the Inter-American Development Bank (IDB) and the Inter-American Institute for Cooperation on Agriculture (IICA) to organise a Caribbean Regional Sustainable Energy High Level Seminar. The event will take place on July 23, 2008 in Nassau, Bahamas.
International Monetary Fund:
Could IMF Loans Be Causing TB Deaths? By JR Minkel, July 24, 2008 (Scientific American website) - The International Monetary Fund this week denounced a study that links its loans to a rise in deaths from tuberculosis (TB) in the former republics of the Soviet Union and in eastern Europe.
Do IMF loans lead to higher rates of tuberculosis? By Sydney Spiesel, July 22, 2008 (Slate website) - The International Monetary Fund often attaches strict conditions to its loans, hoping to help the economies of the recipient countries grow and become stable. But does this actually happen?
IMF ripe for shakeup, Paul Martin says, by Kevin Carmichael, July 21, 2008 (The Globe and Mail website) - Former PM says credit crisis shows richer nations lack moral authority to guide world economy unchallenged.
World Bank:
Guyana named among developing states to receive World Bank climate change financing, By Kevin Lindon, July 24, 2008 (Caribbean Net News website) - Guyana is one of 14 states that have been selected to receive funding to engage in programmes that help combat tropical deforestation and climate change.
World Bank Shots on Corruption, July 23, 2008 (WSJ website) - The World Bank is nothing if not persistent. In recent weeks, the bank has announced low-interest loans of $320 million apiece to Bangladesh and Vietnam, despite their awful corruption records.
World bank criticized on environmental efforts, By Andrew C. Revkin, July 23, 2008 (IHT website) - The World Bank and its partners need to do a far better job of considering the environmental effects of projects they finance in poor countries, its internal review group concludes in a new report.
£1.3bn food aid for Bangladesh, By Raphael Minder and Tom Felix, July 22, 2008 (FT website) - The funding package, which includes contributions from the Asian Development Bank and the World Bank, is also a recognition of the particular difficulties of Bangladesh. Two spells of flooding and a devastating cyclone last year destroyed at least 2m tonnes of rice, forcing the country to import large quantities of its main staple.
World bank to fund bio-carbon project in Himachal, July 20, 2008 (The Economic Times website) - The World Bank (WB) has agreed to fund a bio-carbon project, the first of its kind in the country, in Himachal Pradesh.
'Now or never' World Bank chief urges on trade deal, July 20, 2008 (Reuters website) - World Bank President Robert Zoellick on Sunday urged trade ministers to push for a breakthrough in this week's World Trade Organization talks, saying it was "now or never" to reach a deal.
World Bank pledges $100m in food aid, July 20, 2008 (bdnews24.com) - World Bank has pledged a first phase donation of $100 million to assist Bangladesh in implementing the current fiscal budget, a WB official said Sunday.
US$ 98 m from World Bank for road development, July 19, 2008 (Daily News - Sri Lanka) - The World Bank yesterday approved a US$ 98 million IDA credit in additional finance to support the Government of Sri Lanka’s efforts to improve its national highways.