17 October 2008
Read all the headlines concerning the international financial institutions from the past week.
African Development Bank:
AfDB Approves US$ 32 Million Loan for Ghana's Tema Power Project, October 17, 2008 (allAfrica.com) - The African Development Bank Group's Board of Governors on Tuesday 15 Oct. 2008 in Tunis, approved a US$ 32 million private sector loan to Tema Osonor Plant Limited, a special purpose vehicle incorporated in Ghana to finance the country's Tema Power Project.
Mali: AfDB and Mali Sign CFAF 23 Billion Budget Support Loan Agreement, October 15, 2008(allAfrica.com) - The African Development Bank Group (AfDB) and the Malian government have signed an agreement for a budget support loan of 33 million Units of Account (UA*), about CFAF 23 billion to finance the country's Growth and Poverty Reduction Strategy Support Programme (GPRSSP).
Asian Development Bank:
ADB seeks capital increase from member states-report, October 17, 2008 (The Guardian website) - The Asian Development Bank urgently needs a capital increase from member states to cope with rising demand for loans due to the global financial crisis, ADB President Haruhiko Kuroda said in an interview published on Friday.
ADB grants $ 150 mn aid to khadi industry, October 16, 2008 (The Hindu website) - The Asian Development Bank has sanctioned a grant of $ 150 million to finance reforms in the khadi industry.
ADB to fund Uttarakhand infra project, By Shishir Prashant, October 16, 2008 (Business Standard website) - The Uttarakhand government today said it would sign an agreement with the Manila-based Asian Development Bank (ADB) for getting a loan of $350 million to boost infrastructure facilities in the hill state.
ADB gives 71 mln dlr supplementary loan to India water project, October 14, 2008 (AFP website) - The Asian Development Bank (ADB) has approved an extra 71 million dollars for an urban water project in India to cover costs after it became held up, the Manila-based lender said Tuesday.
European Bank for Reconstruction and Development:
EBRD warns of dire consequences of borrowing freeze, By Stefan Wagstyl, October 15, 2008 (FT website) - After pulling through a year of the credit crunch in good economic shape, some countries in central and eastern Europe could be hit hard by a "complete shut-down in international borrowing", warns Erik Berglof, chief economist of the European Bank for Reconstruction and Developmen
Kazakhstan Kagazy says unit gets 33 mln euro loan from European bank, October 14, 2008 (Forbes website) - Kazakhstan Kagazy Plc. said its unit has received a loan of 33 million euros from the European Bank for Reconstruction and Development (EBRD), and added the proceeds of the loan will be used to finance its paper business.
Inter-American Development Bank:
IDB: Latin America can tackle global crisis, October 15, 2008 (China View website) - President of the Inter-American Development Bank (IDB) Luis Alberto Moreno said that Lain America "has a great capability to tackle this global financial crisis," local daily La Nacion reported on Wednesday.
Doubt, Anger Over Brazil Dams, By Joshua Partlow, October 14, 2008 (Washington Post website) - As Work Begins Along Amazon Tributary, Many Question Human, Environmental Costs
Brazil development bank gets $1 bln loan from IADB, October 10, 2008 (Reuters website) - The Inter-American Development Bank has approved a $1 billion loan for Brazil's national development bank BNDES to provide long-term credit to small and medium-size businesses, the IADB said on Friday.
International Monetary Fund:
Ukraine Discusses Loan With IMF, October 17, 2008 (WSJ website) - Ukraine's prime minister said Thursday the International Monetary Fund is ready to lend the former Soviet republic up to $14 billion to shore up its financial system but asserted it would only happen if President Viktor Yushchenko abandons plans for early parliamentary elections.
IMF needs some Facebook friends, By Alan Beattie, October 16, 2008 (FT website) - Robert Zoellick, president of the World Bank, said recently the world needs a “Facebook” of global economic government: a fluid, interconnected network of international institutions with a flexible steering group of leading countries.
ANALYSIS-Back in the spotlight, but is IMF up to the task? By Lesley Wroughton, October 16, 2008 (Reuters website) - The worst financial crisis since the 1930s has forced the International Monetary Fund back onto the global stage as countries that weaned themselves off its help long ago find they need assistance once again.
Brown calls for global ‘early warning system’, By Tony Barber, October 15, 2008 (FT website) - Gordon Brown, the UK prime minister, called on Wednesday for the creation of a global “early warning system” to prevent a recurrence of the breakdown that destabilised financial sectors in large parts of the world.
Aid organisations slam IMF and World Bank, October 13, 2008 (Radio Netherlands website) - Aid organisations have expressed serious dissatisfaction with the meetings of the International Monetary Fund and the World Bank.
World Bank:
The death of the Washington consensus?, By Kevin Gallagher, October 14, 2008 (The Guardian website) - Last Friday the New York Times quoted the World Bank as saying "There's no question the Washington consensus is dead," indeed it "died at the time of the $700bn bail-out." If the bail-out is death, then awarding Paul Krugman the Nobel prize for economics is the nail in the coffin.
INTERNATIONAL: Zoellick improves Bank credibility, October 13, 2008 (IHT website) - When Robert Zoellick was appointed president of the World Bank in mid-2007, the institution had been badly damaged by the poor stewardship of his predecessor, Paul Wolfowitz.
US surrenders power to appoint World Bank president, By Heather Stewart and Larry Elliott, October 13, 2008 (The Guardian website) - The US is to lose its power to appoint the president of the World Bank after the UK's development secretary, Douglas Alexander, brokered a deal to throw open the post to candidates from any country.
A Bit of ‘I Told You So’ Outside World Bank Talks, By Helene Cooper and Charlie Savage, October 11, 2008 (NYT website) - They told everyone this was going to happen, no one listened, and now see?
World Bank Under Cyber Siege in 'Unprecedented Crisis', By Richard Behar, October 10, 2008 (FOXNews website) - The World Bank Group's computer network — one of the largest repositories of sensitive data about the economies of every nation — has been raided repeatedly by outsiders for more than a year.
India refuses World Bank aid to fight climate change, October 10, 2008 (The Times of India website) - The World Bank cannot help India fight climate change. Claiming so much, the ministry of environment and forests has rejected the institution's recently created Climate Investment Funds meant to provide resources to developing countries to battle the emerging climate challenge.
Environmentalists criticise World Bank on climate ahead of annual meeting, By Elana Schor, October 8, 2008 (The Guardian website) - Ahead of the World Bank annual meeting in Washington this weekend, an alliance of US environmental campaigners today stepped up their criticism of the Bank's proposed funds to combat climate change.