Chinese Banking Delegation to Study at OSU
A delegation of officials from the Chinese Investment Bank will arrive at Will Rogers World Airport late Sunday en route to Oklahoma State University for a 10-week study of American banking practices.The OSU College of Business Administration will provide English language instruction coupled with a banking curriculum for the 14 Chinese officials under a $46,025 contract reached through the World Bank.
International lending agencies still are not doing enough to promote the Third World's private sector economy, a senior aid official said Wednesday.Sir William Ryrie, executive vice president of the World Bank's International Finance Corp., said that the World Bank and other aid agencies are still making loans that impede private sector growth.Some agencies, which he did not identify, also are continuing to lend for the sake of lending
The United States offered fresh aid to Nicaragua at an international donors' meeting today and promised to release money held up for months by conservatives in Congress, World Bank and Nicaraguan officials said Robert Lacey, the bank's Central American division chief, said Washington promised Nicaragua $207 million in aid for budget year 1993 ending Sept. 30, including $50 million frozen in 1992.
More than a billion people worldwide will continue to live in grinding poverty, although there has been progress, the World Bank said.Its updated examination of global poverty generally painted a bleak picture, with some 1.1 billion in 1990 living below the income level - $1 a day - that the bank uses to define poverty.``The proportion of the developing world's population living in poverty has fallen slightly since 1985.
Sound economic policies and aggressive public health and nutrition campaigns could halve the number of hungry people in the world within 25 years, according to the World Bank.The bank called on developing countries to learn from development models used in East Asia during the 1980s. Because of careful economic planning, encouragement of private enterprise and innovative social programs, East Asia will have 300 million fewer hungry people by the year 2000.
The Royal Bank of Scotland PLC, already one of the world's leading ship finance banks, plans to strengthen its market position further through the establishment of a new Shipping Business Centre that will officially open in LondonTuesday.The center has been formed from the merger of two departments that were both active in the shipping markets but until now have operated separately.
Foreign banks, shippers, law firms and other tenants of the World Trade Center scrambled Sunday to set up shop elsewhere because Friday's blast has shut down the 110-story twin towers for at least a week.New York's commodity exchanges planned to reopen today, however, under a special exemption from safety officials. These are not in the towers, but in the nine-story 4 World Trade Center.
The World Bank, which will lend $25 billion to world governments this year, is going to help some of the world's poorest people borrow as little as $50.The bank, in an unusual move, announced Tuesday it would donate $2 million to a special fund designed to put the world's poor in business -- very small business.
A planned minority-owned bank took another step closer to reality yesterday when state regulators granted a charter to the Cleveland World Bank.The charter allows organizers to start raising the $5 million in capital they need to open the bank, which has offices at 1101 Euclid Ave.When organizers heard of the charter, according to Wayne Williams, who will be the bank's chief executive officer.
The IMF, World Bank and GATT world trade body called Monday for the United States and European Community to quit squabbling and resolve obstacles to a global trade pact.In an unusual joint statement, the heads of three international institutions warned of dire consequences for the world economy if the stalled round of trade talks misses a December deadline.
Kenya - The World Bank said it will resume aid to Kenya because the government has agreed to economic reforms that include limiting further expansion of the money supply and cleaning up the financial sector.President Daniel arap Moi rejected the reforms a month ago, saying they were causing hardship in the country.Edward Jaycox, World Bank vice president for Africa, said he expected the World Bank to release $85 million.
The International Finance Corp., the private sector lending arm of the World Bank Group, approved an equity investment of $5 million in the Near Eastern Fund.The fund, with capital of about $20 million, will invest in exchange-listed securities in Egypt, Jordan, Morocco, Pakistan, Tunisia and Turkey.
SEVERAL YEARS ago, I worked in Bangladesh with an agency that delivered health care and other aid to poor villagers.Many other agencies were trying to do the same thing. As a rule, small private agencies did a better job than the large, bureaucratized, government programs supported by international institutions such as the World Bank and the U.S. Agency for International Development.Among the success stories, the Grameen Bank stood out.
The World Bank has arranged for $1 billion worth of loans to boost Russia's lagging oil production. The bank announced Friday that it would provide half the money. The rest would come from the European Bank for Reconstruction and Development, which is an intergovernmental body set up to help Russia and eastern Europe, and national agencies like the U.S. government's Export-Import Bank.
U.S. banks, other than the money center giants, need to be led by the hand into the world of international trade financing through co-financing with institutions such as the U.S. Export-Import Bank, analysts and banking industry officials said."The international arena has always been seen as a risky venture and uncharted territory for small and midsize banks to look into the marketplace on their own," said Gary N. Kleiman, senior partner at Kleiman International.
The United States and its allies are striving to show support for embattled President Boris Yeltsin, contending he is "the standard-bearer of reform in Russia. " Finance ministers and central bank presidents of the world's seven wealthiest industrial countries - the United States, Japan, Germany, Britain, France, Canada and Italy - had Russia's latest constitutional crisis as a key item on their agenda Saturday.
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