Inter-American Development BankNorway joined the Inter-American Development Bank earlier this month, bringing the total number of member countries to 46.
In joining the bank, the country will subscribe the equivalent of $29 million to the bank's inter-regional capital resources, which includes $2.2 million in paid-in capital, and $26 million in callable capital. An additional $13 million will be donated to the Fund for Special Operations. Norway will provide the paid-in capital and special operations fund in three installments.
Membership became official when Kjell Eliassen, Norway's ambassador to the United States, signed an agreement in a ceremony at the Organization of American States on July 7.International Finance Corp.
The International Finance Corp. issued notes in the Eurodollar market earlier this month to help raise $30 million for a bank in Panama.
IFC issued medium-term, floating-rate notes with warrants to purchase the like amount of preferred stock of the Banco Latinoamericano de Exportaciones (Bladex) in Panama City, the company said. IFC is the lead manager for the issue.
"The financing will help stabilize and diversify Bladex's funding base and facilitate the company's access to the international capital markets while increasing its ability to finance Latin American exports," a spokesman for the bank said.
Bladex specializes in export financing to bank shareholders. The bank's shareholders include Latin American central banks, with 39.2 percent of the shares; Latin American commercial banks, with 26.4 percent; international banks, with 27.1 percent; and IFC, with 7.3 percent.Asian Development Bank
The Asian Development Bank approved a second loan for $10.25 million to finance the Tribhuvan International Airport project in Nepal. The project is intended to alleviate congestion and traffic problems at the airport through the mid-1990s. The loan is payable over 40 years and includes a 10-year grace period. There is a service charge of 1 percent per annum. The bank also loaned Nepal $11 million for the same project in 1978.