19 September 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:
Nigeria: ADB's Credit to Country Hits $820 Million, By Idris Ahmed, Daily Trust, September 16, 2008 (allAfrica website) - The African Development Bank's credit portfolio to Nigeria is currently $820.56 million (about N94.9 billion), the Minister of Finance has said.
AfDB and Japan Exchange Notes and Sign Loan Agreement, September 12, 2008 (APO website) - The African Development Bank (AfDB) and the Government of Japan on Thursday, 11 September 2008 in Tunis, signed a bilateral Exchange of Notes for a loan to the AfDB of JPY 32.1 billion, equivalent to USD 300 million.
Rwanda: AFBD to Manage Great Lakes Regional Developmental Fund, By Eddie Mukaaya, September 11, 2008 (allAfrica website) - The African Development Bank (AfBD) is to manage the International Conference of the Great Lakes Region's (ICGLR) special fund for reconstruction and development.
Asian Development Bank:
Bihar, Orissa to get $608 mn for development from ADB, September 18, 2008 (Live Mint website) - The loan is for upgrading and expansion of the state’s highway network, aimed at supporting economic expansion and alleviate poverty.
ADB grants to India $420 mln loan for highway project, Xinhua, September 18, 2008 (China View website) - The Asian Development Bank (ADB) is extending a 420-million-U.S.-dollar, 25-year loan to the Indian state of Bihar for the expansion of the state's highway network, the lender said on Thursday.
ADB, IDB sign $4bln co-financing agreement, September 16, 2008 (Associated Press of Pakistan website) - The Asian Development Bank (ADB) and the Islamic Development Bank (IsDB) signed a co-financing agreement, which will allow them to work together on projects in common member countries like Afghanistan, Azerbaijan, Bangladesh, Indonesia, Kazakhstan, Kyrgyz Republic, Maldives, Pakistan, Tajikistan, Turkmenistan and Uzbekistan.
ADB to help Georgia in rebuilding after conflict, September 13, 2008 (China View website) - The Asian Development Bank (ADB) is providing its first-ever public sector loan in the South Caucasus country of Georgia to help rehabilitate infrastructures damaged in the recent conflict with Russia, the lender said Saturday.
ADB surpasses clean energy targets, group says, September 12, 2008 (GMA News website) - The Manila-based multilateral lender has made “apparent progress" in pushing for clean energy projects advocated by Asian non-government organizations, the NGO Forum on the ADB said, citing its initial findings.
European Bank for Reconstruction and Development:,
European Bank to Boost Investments in Mongolia by Almost 50%, Bloomberg, September 13, 2008 (Daily Business News Mongolia website) - The European Bank for Reconstruction and Development plans to boost investment in Mongolia by almost 50 percent this year, in industries ranging from retail to mining.
Inter-American Development Bank:
IDB CONSIDERS $400M PANAMA CANAL LOAN, September 17, 2008 (Maritime Global Net website) - The Inter-American Development Bank (IDB) says that it is considering a US$400m loan to help finance the historic Panama Canal Expansion Program. The announcement came from Luis Alberto Moreno, president of the IDB, at a breakfast forum hosting President Martín Torrijos of Panama.
International Monetary Fund:
IMF opens door to restore ties with Zimbabwe, September 16, 2008 (Reuters website) - The International Monetary Fund on Monday opened the way to work with Zimbabwe's new power-sharing government but said the country's leaders first need to make clear commitments to rescue the economy.
IMF approves $750M to shore up Georgia economy, September 15, 2008 (FT website) - The International Monetary Fund on Monday approved a $750 million loan program for Georgia aimed at rebuilding the country’s currency reserves and restoring investor confidence shaken by the war with Russia.
IMF chief urges Egypt to stick with liberalisation, September 15, 2008 (Reuters website) - Egypt must pursue structural reforms despite a need to protect its poorest citizens from high food prices via government subsidies, the head of the International Monetary Fund (IMF) said on Monday.
IMF switches to Manuel, By Janine Erasmus, September 15, 2008 (iafrica website) - The International Monetary Fund announced early in September 2008 that South African Minister of Finance Trevor Manuel will head an IMF committee to investigate and improve the organisation’s current decision-making policy and increase its legitimacy among member countries. The committee will then offer recommendations and advice on any modifications that will enable the IMF to carry out its function more efficiently.
World Bank:
Groups attack World Bank over Chad oil pipeline, By Pascal Fletcher, September 18, 2008 (Reuters website) - The Chad to Cameroon oil pipeline, abandoned last week by the World Bank, failed to benefit the poor in those nations and created a new "petro-dictatorship" in Africa, anti-poverty campaigners said on Wednesday.
Potential World Bank loan could help Mekong farmers, September 16, 2008 (Vietnam News Agency website) - The World Bank would consider a loan of up to VND4,000 billion (US$241 million) to modernise agriculture in the Mekong River Delta if the Government decides to send such a plan to the bank for approval, said a World Bank official.
The World Bank Takes the Money and Runs from Chad, By Daphne Wysham, Foreign Policy in Focus, September 15, 2008 (FPIF website) - Now that the World Bank has announced its withdrawal of support for the $4.2 billion Chad-Cameroon pipeline, I can't help but remember the eyes of that boy. We were racing back from the Doba oil fields to the Chadian capitol city of N'Djamena in July 2006, traveling by van after dark. We were doing it against all of the advice of our colleagues, but we had a plane to catch early the next morning. There were three of us Americans, traveling with a Chadian activist. And we had spent a longer day than expected interviewing villagers and non-governmental organizations about the Chad-Cameroon pipeline, a high-risk, World Bank-financed oil pipeline project in the southern part of Chad, and its impact.
Bujagali hydro power project on schedule, By Elias Biryabarema, September 15, 2008 (Daily Monitor website) - The implementation of Bujagali Hydroelectric dam is proceeding apace, with 40 per cent of the work now complete, according to Bujagali Energy Limited, BEL, the company developing the project.
Bangladesh seeks $350 mln World Bank loan for energy, September 14, 2008 (Reuters website) - Bangladesh is seeking a loan of more than $350 million from the World Bank to boost its power sector and build pipelines to transmit natural gas to help ease its power crisis, a senior official said on Sunday.
Graft, bureaucracy hamper Congo investment: World Bank, By Joe Bavier, September 12, 2008 (Reuters website) - Corruption and resistance to basic reforms have made Democratic Republic of Congo the world's worst country in which to do business, an official from the World Bank's investment arm said on Thursday.
World Bank to finance Zambia power projects, By Shapi Shacinda, September 12, 2008 (Reuters website) - The World Bank, Sweden and Japan will jointly finance Zambia's $100 million power upgrades and expansion projects intended to shore up economic activity, a senior Bank official said on Friday.
World Bank head urges help for "fragile" states, September 12, 2008 (IHT website) - World Bank President Robert Zoellick warned Friday that international community must work harder in aiding so-called "fragile" states, home to about 20 percent of the world's population, or risk them becoming the safe havens for terrorists