15 August 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:
IUCN and African Development Bank join forces for Africa, August 13, 2008 (IUCN website) - The organizations signed a memorandum of understanding on 12 August, 2008, to launch joint action to use the conservation of species and nature as a tool to help development in Africa.
Asian Developmemt Bank:
ADB Statement on Georgia, August 15, 2008 (eGov Monitor website) - The Asian Development Bank welcomes the news that a ceasefire has been announced between Georgia and Russia.
China's Zhao appointed by ADB as Vice-President, Xinhua, August 14, 2008 (China View website) - The Board of Directors of the Asian Development Bank (ADB) has approved the appointment of China's Zhao Xiaoyu as Vice-President of the development institution, the lender said in a statement on Thursday.
Azerbaijan, ADB to sign new loan agreement, by Nijat Mustafayev, August 14, 2008 (APA website) - Representatives from Azerbaijan’s Ministry of Transport and Asian Development Bank held discussion and signed a protocol on a new loan agreement for the proposed the East-West Highway Improvement Project.
European Bank for Reconstruction and Development:
EBRD sees Georgia economic fallout from war, by Peter Apps, August 11, 2008 (Reuters website) - Georgia's economy is likely to slow from near double-digit growth this year because of its conflict with Russia, a European Bank for Reconstruction and Development official told Reuters on Monday.
EBRD is ready to extend to Georgia a loan for a region that is an object of separatists’ claims, August 11, 2008 (Azerbaijan Business Center website) - The European Bank for Reconstruction & Development is ongoing development of Borjomi Water and Wastewater Project designed for Borjomi and Bakuriani regions that have been already declared as South Osetian separatists’ future territorial claims to the Georgian government.
Inter-American Development Bank:
US$850 Million Loan To Improve Infrastructure, August 12, 2008 (Inside Costa Rica website) - Costa Rica's roads will get a facelift thanks to the help of a loan of us$850 million dollars by the Inter-American Development Bank (IDB). The money will be used to build new roads and bridges as well as repair those that are in a serious poor state of repair mainly due to lack of preventive maintenance
International Monetary Fund:
Sanctions hurting Iran economic activity, says IMF, by Lesley Wroughton, August 15, 2008 (Reuters website) - Stepped-up international pressure and sanctions against Iran over its nuclear program are hurting its economy, making trade financing and payments difficult and discouraging foreign investment, according to an IMF report published on Thursday.
IMF says stands ready with funds to support Georgia, August 11, 2008 (Reuters website) - The International Monetary Fund and other global financial institutions on Monday expressed concern over the conflict between Russia and Georgia, and the IMF said it stood ready with advice and resources to support Georgia's economy.
Turkey rejects the preconditions for an IMF agreement: report, August 11, 2008 (Hurriyet website) - Turkey rejected the International Monetary Fund's (IMF) demands to take steps to curb spending in order to sign a new stand-by agreement, Referans business daily reported on Tuesday. The IMF said foreign risks for Turkey still continue in a report also released on Tuesday.
World Bank:
Eskom in World Bank finance talks, by Tom Burgis, August 14. 2008 (FT website) - Eskom, South Africa’s national power company, is in talks with the World Bank and the International Finance Corporation, its private sector arm, about raising finance towards the R150bn ($19bn) it needs to borrow to stave off an electricity crisis.
Rakesh Mohan may represent India in WB, August 13, 2008 (The Financial Express website) - The deputy governor of the Reserve Bank of India (RBI), Rakesh Mohan, has emerged as one of the front-runners to be India's representative at the World Bank as an executive director for a period of three years.
Wolfensohn Ignored Azerbaijan Warnings, Group Says (Update4), by David Glovin and Christopher Swann, August 12, 2008 (Bloomberg website) - James Wolfensohn, who headed the World Bank a decade ago as it backed the sale of state-owned companies in emerging economies, ignored subordinates' warnings and helped a man later accused of stealing $182 million from investors in Azerbaijan, a watchdog group said.
Zoellick Fossil-Fuel Campaign Belied by World Bank's Tata Loan, by Christopher Swann, August 11, 2008 (Bloomberg website) - Once the new Tata Ultra Mega power plant in western India is fired up in 2012 and fully operational, it will become one of the world's 50 largest greenhouse-gas emitters. And the World Bank is helping make it possible.
World Bank prepares giant water project in Yemen worth $360 million, by Mahmoud Assamiee. August 10, 2008 (Yemen Times website) - The World Bank's Officer of Rural Development, Water and Environment in Sana'a, Naji Abu Hatem, said that the World Bank is preparing a large project to dealing with the water sector in Yemen for the cost of US $360 million
US refuses to relax its grip on World Bank, by Heather Stewart, August 10, 2008 (The Guardian website) - America is stubbornly defending its right to pick the next boss of the World Bank, despite mounting pressure from a coalition of 10 developing countries demanding an equal voice for the poor in decision-making, leaked papers reveal.
World Bank tackles effects of W'Africa gas project, by Yakubu Lawal, August 8, 2008 (Nigeria Daily News website) - The World Bank has approved plans to address the negative impacts of the West African Gas Pipeline (WAGP) project billed to supply over 2.5 billion standard cubic feet of gas to the West Africa region at peak operation.