21 November 2008
Read all the headlines concerning the international financial institutions from the past week
African Development Bank:
Action on Gender Equality, Women's Empowerment and Ending Violence Against Women in Africa, November 19th, 2008 (All Africa website) - African Development Bank (AfDB) Group President, Donald Kaberuka, is participating in the 6th African Development Forum scheduled to take place in Addis Ababa from November 19-21, 2008.
AfDB approves 10th drinking water supply project in Morocco, November 19, 2008 (African Press Organization website) - The African Development Bank (AfDB) has approved US$ 97.2 million (33.84 million Euros and 53.34 million dollars) loan to finance Morocco’s 10th Drinking Water Supply Project, bringing the Bank Group’s overall commitment in the country to US$ 5.64 billion in 93 operations since the Bank started operations in the country in 1970.
The Bank group and Malawi government sign loan and grant agreements amounting to US$60.2 million, November 19, 2008 (All Africa website) - The Bank Group and the Malawi Government on Wednesday, November 18, 2008, in Lilongwe signed loan and grant agreements totalling US$ 60.2 million equivalent to UA 43.31 million to finance some components and activities in the National Water Development Programme and the Local Economic Development Project during the next five years.
Mozambique: African Development Bank grants funding US$93 million - November 19, 2008 (MacauHub website) - The African Development Bank (ADB) has granted Mozambique a loan of US$93 million to fund the second programme to support poverty reduction (PARPA II) in the 2008-2010 period, Mozambican newspaper Notícias reported.
AfDB Participates in forum on key international development issues in Strasbourg, November 17th, 2008 (All Africa website) - The African Development Bank Group President, Donald Kaberuka, participated in the third edition of the 'European Development Days' from November 15-17, 2008, in Strasbourg, France. Four African heads of state - Presidents Amadou Toumani Touré of Mali, Blaise Compaore of Burkina Faso, Marc Ravalomanan of Madagascar and Thomas Yayi Boni of Benin - attended the gathering.
Asian Development Bank:
Asian Development Bank to invest $1 billion in Azerbaijan through energy strategy, by Nijat Mustafayev, November 21, 2008 (APA website) - ADB’s Sean O’Sallivan said in Baku that the investment plan will allow replacing the aging power transmission lines, reconstructing the network connecting to Russia, Iran and Georgia and gas transmission network and supporting measures for natural gas saving.
Reputation on line over bid to update criteria, by John Aglionby, November 17, 2008 (FT website) - The Asian Development Bank faces one of the biggest tests of its reputation this week when it holds consultations with civil society groups from around the world on a draft plan for updating its social and environmental lending criteria.
ADB probe criticizes its own investments, by John Aglionby, November 17, 2008 (FT website) - The Asian Development Bank’s private equity fund investments have produced “unsatisfactory” returns, selection has lacked focus while environmental and other safeguards have been weak, its own evaluation unit has concluded.
European Bank for Reconstruction and Development:
EBRD set to boost CEE investments, Hungary to benefit too, November 21, 2008 (Portfolio website) - Due to severe recession risks rooting in the global credit crisis, there has been a turnaround in the lending policy of the European Bank for Reconstruction and Development (EBRD). The organisation is set to boost investments in Central and Eastern Europe to combat the financial crisis.
Titan gets EBRD funds for Albania cement plant, November 21, 2008 (Reuters website) - Greek cement maker Titan will get 58.8 million euros in debt and equity funding from the European Bank for Reconstruction and Development (EBRD) and the World Bank to part-fund construction of a plant in Albania.
Inter-American Development Bank:
Fund will allow IDB to channel resources through other regional institutions, November 20, 2008 (Portal Fator Brasil) - The Inter-American Development Bank (IDB) announced the creation of a new Aid for Trade Strategic Thematic Fund to help the public and private sectors in Latin American and the Caribbean to integrate into the global economy.
China to become official member of Inter-American Development Bank, November 18, 2008 (China View website) - China is set to become an official member of the Inter-American Development Bank (IDB), the People's Bank of China, the central bank, said on its website Tuesday. China's joining IDB was "a win-win choice" for the benefit of all sides involved, said Zhou Xiaochuan, the central bank governor during his meet with IDB President Luis Alberto Moreno in Washington, DC.
International Monetary Fund:
Turkey may sign IMF lending accord of as much as $40 billion, by Ali Berat Meric and Steve Bryant, November 20, 2008 (Bloomberg website) - Turkey and the International Monetary Fund may sign a loan agreement of $20 billion to $40 billion, a ruling party official said, helping the lira recover from its weakest level in more than a year.
International Monetary Fund approves Iceland's request for a two year stand-by arrangement, November 20, 2008 (Market Watch website) - The Executive Board of the International Monetary Fund (IMF) has approved Iceland's request for a two year stand-by arrangement.
A global grand bargain, by Robert Hutchings, November 17, 2008 (Washington Post website) - The world is on the cusp of the most profound shift in global power and influence in a century. Managing this quiet revolution calls for nothing short of a new international system, with a radical revision of existing institutions and patterns of doing business. It is a time for thinking big.
Japan to seek to take lead in creating new financial order: Aso, by Shingo Ito, November 16, 2008 (France 24 website) - Japan announced a plan to lend up to 100 billion dollars to the International Monetary Fund to help provide financial lifelines to crisis-hit emerging countries.
World Bank:
World Bank in preliminary talks with Eskom, S.Africa, November 21, 2008 (Reuters Africa website) - A World Bank mission from Washington is in South Africa until next week to speak with the government and Eskom on the possibility of funding the utility's energy expansion plan, an official said on Friday.
World Bank US$20 million grant for Haiti hurricane recovery, November 20, 2008 (info zine website) - The World Bank Board of Directors approved a US$20 million grant for the Republic of Haiti to finance the reconstruction and emergency maintenance of key infrastructure destroyed or damaged by the series of hurricanes and tropical storms that struck the country in August and September 2008.
Developing countries at tipping point - World Bank, November 19, 2008 (Reuters website) - A global economic downturn has pushed developing countries to the brink and many are in urgent need of help from richer nations, World Bank President Robert Zoellick said on Wednesday.
Japan pledges $2 billion for World Bank fund to revive banks, by Christopher Swann, November 14, 2008 (Bloomberg website) - Japan pledged $2 billion to a World Bank fund intended to help recapitalize struggling banks in developing countries.