The president of the Inter-American Development Bank has called upon the world's industrialized nations to continue financial assistance to developing nations.
Antonio Ortiz Mena, in a speech before the 21st Latin American Iron and Steel Congress in Mexico City, said that the only way that industrialized nations can insure progress and oil-exporting nations can preserve their price gains is by helping improve the situation of underdeveloped countries.
"There must be a frank acknowledgement by the industrialized and oil-exporting countries that the developing countries should receive decisive support over and above current difficulties and beyond circumstantial and transitory situations," he said.
Mena stated that international lending organizations should "continue their efforts to secure a larger volume of resources to promote industrial development."
"They must also expand the share of concessional loans in the net capital flows entering the region, thus easing the adverse impact that the recent changes in the financial markets have had on the external debt situation in our countries and also reduce the average cost of external financing."
The World Bank's board of governors has accepted China's subscription to an additional 4,500 shares of the bank's capital stock. The authorization raises China's subscription to 12,000 shares from the original 7,500.
In accordance with a resolution by the board, the number of elected executive directors at this week's annual meeting will be increased from 15 to 16, enabling China to occupy a seat. The bank's executive directors decided earlier this year that the People's Republic of China represents China in the Bank.
The International Monetary Fund recently prescribed the Arab Monetary Fund, Abu Dhabi, as an "other holder" of special drawing rights (SDRs), bringing to seven the number of official entities authorized to deal in SDRs. "Other holders" have the same degree of freedom as fund members to buy and sell SDRs both spot and forward, to borrow, loan or pledge SDRs and to use SDRs in swaps.
Recent agreements by international lending and financial institutions based in Washington include: Export-Import Bank
A $6.9 million credit to Chambre de Commerce d'Industrie et des Mines, a development branch of the government of Cameroon, for construction of a warehouse complex in the port area of Douala. The warehouse buildings will be built by H. Kalicak Construction Co. of St. Louis.
A $20 million loan guarantee to Tame, an airline owned by the government of Ecuador, for the purchase of one Boeing B-727-200 jet aircraft, personnel training, avionics, ground equipment, spare parts and one spare engine. Inter-American Development Bank
A $10 million loan to the government of Honduras to help carry out a forest management program designed to increase production of forest products and reduce soil erosion. The program will improve the presently degraded pine forest in the Department of Comayagua and gradually increase the yield to more than double what it is today.
A $500,000 loan to stimulate handicraft production of a cooperative dedicated to the manufacture of hand-carved furniture in Ecuador. The program is expected to benefit about 1,040 low-income residents of the town of Atahualpa. The program will expand membership in the Atahualpa Artisanal Production Cooperative, purchase new tools and equipment, provide courses on cabinet-making and establish an accounting and administrative system for the cooperative. Agency for International Development
A $7.4 million grant to the government of Togo to provide safe water, health education and means to improve village sanitation to the rural population.
A $1 million grant to the regional Sahel Institute in Bamako, Mali, to promote the institute's role in assisting the eight Sahelian countries collect and analyze demographic data.
A $2.4 million grant to the government of the Republic of Mali to fund detailed design and bid documents for a 250 kilometer road linking the towns of Kayes and Nioro in the northwestern part of the country.
A $6.2 million grant to Lesotho to contribute toward the attainment of a prosperous, agriculturally led economy through improved planning.
A $6 million grant to Malawi to improve critical water supplies in rural areas.
A $774,243 grant to the World Organization of Cooperative Credit Unions/Credit Union National Association to assist the Malawi Union of Savings and Credit Cooperatives Organization develop a national credit union system.
A $4.7 million grant to Zambia to improve agricultural planning, analysis and management.
A $2 million grant to the United Republic of Tanzania to finance imports of scarce commodities, materials, equipment and technical assistance for the intitutional development of the Tanzania Rural Development Bank.
A $2.8 million grant to the government of Kenya to provide isolated rural areas with all-weather access to agricultural and social services by expanding the network of rural roads.
A $4.8 million grant to Kenya to develop and implement a national energy strategy with emphasis on renewable energy for rural areas.
An $11 million grant to the government of Somali Democratic Republic to provide agricultural extension outreach throughout its bay region.
A $10 million grant to Sudan for the construction and rehabilitation of a road between Juba, Sudan and Lodwar, Kenya to provide access to critical commodities and domestic and international markets.
A $2.7 million grant to Sudan for the final design and engineering for rehabilitation of two 440-kilometer roads in southern Sudan as well as for design of a road maintenance center.
A $10 million grant to Portugal to finance technical services and commodities in support of the Ministry of Agriculture and Fisheries' program to improve agricultural production.
A $21 million loan and a $2.5 million grant to the government of Jordan to finance the improvement of the existing water distribution system and to construct new wastewater collection and treatment facilities in Ibrid.