26 September 2008
Read all the headlines concerning the international financial institutions from the past week.
African Development Bank:
Botswana commits to transparency initiative, By Pako Lebanna, September 25, 2008 (Daily News Online website) - Botswana is set to become a member of the Extractive Industries Transparency Initiative (EITI), the programme that seeks to ensure that a country’s resources are used in a prudent manner and in a corrupt-free environment.
Transparency International Chief Enlists Support for Extractive Industries Transparency Initiative, September 22, 2008 (allAfrica website) - Transparency International's Advisory Committee Chair, Peter Eigen, began a two-day visit to the AfDB on Monday in Tunis where called for increased support to the Extractive Industries Transparency Initiative (EITI) which seeks to ensure that proceeds from extractive industries are used to develop and reduce poverty in the countries where they are generated.
Asian Development Banks:
ADB to provide $4.5 mln to foster Central Asia economic development, Xinhua, September 25, 2008 (China View website) - The Asian Development Bank (ADB) said here on Thursday that it will provide 4.5 million U.S. dollars to foster closer cooperation among member countries of the Central Asia Regional Economic Cooperation (CAREC) by establishing a virtual institute that will coordinate research, training and dialogue within the regional organization.
ADB slammed for sidelining watchdog unit - report, By Raju Gopalakrishnan, September 25, 2008 (Reuters website) - The Asian Development Bank (ADB) has "seriously compromised" the independence of its watchdog department and the bank must act to restore its own credibility, according to a report commissioned by the multilateral lender.
Asian Development Bank to Develop Disaster Risk Insurance Scheme, September 23, 2008 (TMCnet website) - Asian Development Bank initiated a regional risk insurance scheme for the Asia-Pacific region in an attempt to improve the countries' ability to cope with rising natural disaster costs.
World Bank, ADB show renewed interest in Himachal projects, By Charanjit Ahuja, September 20, 2008 (Financial Express website) - The World Bank plans to augment its support for development of hydropower generation projects, increasing forest cover and expanding roadwork in Himachal Pradesh, whose economy heavily relies on tourism and apple plantations.
European Bank for Reconstruction and Development:
EBRD plans to invest 150 mln euros in Turkey in 2009, September 2009 (The Guardian website) - The European Bank for Reconstruction and Development plans to invest 150 million euros ($220 million) in Turkey in 2009 and 300 million euros in 2010, the bank said in a document published on Wednesday.
EBRD directors back Turkish investment, By Helen Warrell, September 23, 2008 (FT website) - The directors of the European Bank for Reconstruction and Development on Tuesday recommended that the bank should should start investing in Turkey, a move which would mark the institution’s first operation outside former communist countries.
EBRD Directors wind up visit to Russia, September 22, 2008 (The Financial website) - A delegation of the Board of Directors of the European Bank for Reconstruction and Development EBRD has completed a week-long mission to Russia during which they visited two Russian regions and held talks with regional authorities, as well as business leaders and representatives of civil society.
Arcadis Designs Pan-European Ring Road In Romania, September 22, 2008 (Market Watch website) - ARCADIS (EURONEXT: ARCAD), the international consultancy, design and engineering company, announced today that it will design Constanta's ring road, connecting the city to the Romanian capital of Bucharest. The design-build project is financed by the European Bank for Reconstruction and Development (EBRD).
Inter-American Development Bank:
GSMA And IDB To Drive Financial Services In Latin America, September 25, 2008 (LBS Zone website) - The GSMA, the global body for the mobile industry, and the Inter-American Development Bank (IDB) have joined forces to accelerate the deployment in Latin America and the Caribbean of mobile financial services designed to meet the needs of the unbanked and the poor.
IDB considering USD 400 million loan to Panama Canal, September 23, 2008 (Steel Guru website) - The Inter American Development Bank said that it is considering a USD 400 million loan to help finance the historic Panama Canal Expansion Program.
International Monetary Fund:
IMF expresses concern over DR Congo debt to China, September 24, 2008 (AFP website) - A senior official with the International Monetary Fund expressed concern over the Democratic Republic of Congo's levels of debt to China, in a report released Wednesday after a 18-day visit here.
‘IMF popularity at all-time low’, September 24, 2008 (Daily Times website) - Pakistan Economy Watch president says IMF policies ruined 68 economies worldwide
World Bank, IMF blamed for lack of research in Africa, By Anne Mugisa and Patrick Jaramogi, September 21, 2008 (The New Vision website) - The World Bank and the International Monetary Fund (IMF) have been criticised for stopping Africa from investing in basic research, which is essential for development.
India’s Voice in IMF to Become Stronger, September 19, 2008 (India Journal website) - India’s voice in the International Monetary Fund is set to increase, with the country Sept 11 giving approval to the proposed restructuring of quotas in the multilateral agency.
World Bank:
Breaking the bank: A vaunted model development project goes awry, The Economist, September 26, 2008 -- When the World Bank agreed to help finance a controversial pipeline from oilfields in Chad to a port in Cameroon, it claimed to be raising the bar for transparency and good government in the extractive industries.
Kosovo 'To Join World Bank, IMF in 2009', September 24, 2008 (Balkan Insight website) - Kosovo is to become a member of the World Bank and the International Monetary Fund, IMF, in 2009, a senior official of the World Bank says.
29 charges of indictment on the World Bank, September 23, 2008 (Merinews website) - A 13 member panel, consisting of prominent jurists, economists, scientists, retired government officials, social and religious leaders found the World Bank guilty of harming the environment and lowering the standard of living for most Indians.
World Bank grant to improve governance within urban areas, September 23, 2008 (Business World website) - The World Bank is extending technical assistance grant to improve local governance and delivery of social services in urban areas, a statement read yesterday.
Africa biggest recipient of World Bank cash last year, September 22, 2008 (IPP Media website) - Africa received highest level of support from the World Bank last year, with total commitments from the Bank reaching USD34.3 billion.
Costello on World Bank corruption committee, By Phillip Coorey, September 22, 2008 (Sidney Morning Herald website) - The former treasurer Peter Costello has taken his first step towards a post-political career by being appointed to the World Bank's new anti-corruption body.
World Bank attacked, By Solomon Tembang Mforgham, September 20, 2008 (Africa News website) - The World Bank has been attacked for withdrawing from the Chad, Cameroon pipeline project. A coalition of human rights and environmental Non-Governmental Organisations have accused it of bad faith by its recent withdrawal from the 4 billion dollars oil pipeline project that runs from Chad to Cameroon.
World Bank clears $700 million loan for Mozambique, By Charles Mangwiro, September 19, 2008 (Reuters website) - The World Bank has approved a $700 million loan over three years to help Mozambique implement development projects, a top official at the poverty-fighting institution said on Friday.
World Bank's IFC taps into green revolution, By Lesley Wroughton, September 19, 2008 (Reuters website) - Rising food and commodity prices and credit strains in markets have increased demand for funding by the World Bank's private-sector lender for new agricultural investments in developing countries