The World Bank has approved loans totaling $296.4 million to four countries: $35.8 million to the Dominican Republic for a $44.7 million road reconstruction and maintenance project; $180 million to Mexico to continue a $473 million program to provide credit to farmers and spur agricultural growth; $53 million to Nigeria to complete an $85 million urban housing project in the southern state of Imo, and $27.6 million to Papua New Guinea to increase export earnings from sales of palm oil and kernel and to restore part of a recent decline in cocoa exports.
Separately, the International Development Association, the World Bank affiliate for concessionary lending, has approved a $51 million credit to India to expand and improve family planning efforts and maternal and child health services in the rural areas of West Bengal. About 12 million people are expected to benefit. Asian Development Bank
The Philippines-based Asian Development Bank recently reduced its lending rate on ordinary operating loans from 10.25 percent annually to 9.65 percent. The reduction f lows a similar move by the World Bank, which cut its rate until the end of the year to 8.82 percent from 9.29 percent. ADB announced the approval of loans to two of its 45 members: $11 million to Papau New Guinea to boost exports of palm oil and kernel, copra and forestry products; and $7 million to the Fiji Development Bank to provide foreign exchange resources for about 150 projects in the industrial and service sectors. Inter-American Development Bank
The Washington-based Inter-American Development Bank has approved loans to three of its member countries: a $16.1 million loan to help increase the amount and reliability of electricity available from the Guyana Electricity Corp., a government agency; a $500,000 loan in Swiss francs to assist small-scale entrepreneurs in Peru; and $350,000 in Swiss francs to improve the standard of living of low-income rural and urban women in the Dominican Republic. In addition, the IADB has approved a $480,000 grant to finance a study of the agriculture sector in Guatemala.