Asian Development Bank
The Asian Development Bank approved loans totaling $141.5 million in the third quarter, the Manila-based lending institution announced last week.
The loans will go to finance development projects in Bhutan, Fiji, Indonesia and Papua New Guinea, it reported.
The ADB also approved 21 technical assistance grants worth about $6.3 million in the same period. The funds will be used to advise and prepare for development projects in Bangladesh, Bhutan, Indonesia, South Korea, Malaysia, Nepal, Pakistan, Papua New Guinea, Sri Lanka and Thailand.
In its quarterly review, the ADB said borrowings for the period totaled $319.7 million, bringing the total for the year to $746 million. The borrowings were highlighted, a spokesman said, by the unprecedented $147.4 million public offering in yen-denominated bonds in the U.S. capital market.
During the quarter, Sweden made a second contribution of approximately $341,000 in Swedish crowns to the bank's technical assistance special fund.
The quarterly review also reported that the board of directors approved a reduction in the bank's lending rate on ordinary-operation loans from 10.25 percent to 9.65 percent per year. World Bank
The International Finance Corp., the World Bank affiliate for financing ventures in the private sector of developing countries, has agreed to lend $1.5 million to help a Swaziland sugar producer implement a $3.5 million program to diversify into cotton and bean cultivation.
The project, scheduled for completion in 1987, is designed to reduce the company's dependence on sugar, which currently is suffering from low prices in world markets, and to use its land, management and water resources more efficiently. The project is expected to create an additional 240 jobs.
In addition to IFC's loan to the project's sponsors, the Royal Swaziland Sugar Corp. Ltd., financing will come from the Commonwealth Development Corp., a British development agency, and from the company's capital.