Asian Devevelopment Bank
The Asian Development Bank last week said it approved 35 loans totaling $1.37 billion in the fourth quarter.
The Manila-based financial institution agreed to the loans for development projects in 10 countries. In addition, 49 technical assistance grants totaling $15.6 million have been approved to support the initial stages of development projects.
During the last quarter, the bank's board of directors also approved a new system for determining interest rates based on a pool of currencies. The new rates will take effect July 1.
*ADB announced several recent appointments: Alan F. Gill, former director for Canada on the bank's board of directors, was named treasurer of the bank. Gill succeeds Edgar J. Roberts Jr., who has returned to private practice in the United States. D. C. Amerasinghe, senior counsel, was promoted to assistant general counsel. John Malcolm Dowling Jr., senior economist, was promoted to assistant chief economist. Following the retirement of P. S. Hariharan, Reynaldo D. Pacheco has been named chief information officer. And George V. Lieu, senior information officer, has succeeded Pacheco as assistant chief information officer. Inter-American Development Bank
The Inter-American Development Bank has approved a $6 million loan to help finance an industrial credit program in Suriname.
Designed to promote industrial growth in the South American nation, the loans will be used by the National Development Bank, a government agency, to grant smaller loans to local businesses to finance fixed assets, such as equipment, machinery and tools and the construction of industrial plants.
In addition to the loan, the bank approved a $194,600 technical cooperation grant to assist the NDB in project analysis.
*The IADB has made a public offering of $72 million in 10-year bonds in the Netherlands. The bonds carry a 7 percent annual interest rate and are priced at 99.5 percent of their par value. The issue is the seventh public bond offering placed by the bank for its inter-regional capital in the Netherlands market.