Asian Development Bank
The Asian Development Bank, a 46-member international development institution based in Manila, has admitted China as a member, ADB President Masao Fujioka said last week.
In an address to the Asian-Pacific Bankers Club, Fujioka said that the bank's board of governors voted Feb. 17 to approve China's membership in the ADB.
China's induction into the ADB and the recent commencement of loans to India have increased the population covered by the ADB to 2.5 billion people, or half the world's population, the bank said. India will receive its first ADB loan this year.
Admitting the new countries will require new financial resources to meet the development needs of the two countries, the bank said in a statement. The ADB "will meet these challenges," Fujioka said. Inter-American Development Bank
The Inter-American Development Bank recently approved loans and grants to six countries totaling $348.2 million. The new agreements include:
*A $114.6 million loan to help build a hydroelectric power plant on the Colorado River in central Chile. The project, designed to increase electric generating capacity in the region, also includes the construction of a major transmission line, a command and control center and new communications system.
*A $113.3 million loan to assist in the construction of hydroelectric plant and related transmission facilities south of Santiago, Chile. The project will harness the electricity-generating capacity of the Lake Chapo watershed.
A $73 million loan to help expand the electric-energy transmission systems in the state of Sao Paulo, Brazil. The program is designed to bolster the country's strategy of replacing imported oil with electricity.
A $45 million loan to help develop a tourism complex at Bahias de Huatulco in the state of Oaxaca on the Pacific coast of Mexico. The loan will finance the project's initial stage, which will consist of investments in basic infrastructure, laying the groundwork for private investment in hotels, tourism services and urban homes.