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Tunis - The Board of Directors of the African Development Bank (AfDB) Group has approved on 23 June 2010, in Tunis, an equity investment of USD 50 million in the 8 Miles Fund which aims to invest equity and quasi equity in Greenfield and Brownfield projects in Africa.

Tunis - The Board of Directors of the African Development Bank (AfDB) on Wednesday, 23 June 2010 in Tunis approved a USD 100-million line of credit to Nigeria's Guaranty Trust Bank (GTB) for project funding in various sectors of the Nigerian economy.

MANILA, PHILIPPINES - A reform in the global reserve system is critical to avoid a repeat of the recent global economic crisis and Asia's fast recovering countries need to cooperate to ensure a smooth transition to a multi-currency alternative, says a new report from the Asian Development Bank (ADB) and Columbia University's Earth Institute.

The Executive Board of the International Monetary Fund (IMF) today approved the fourth review of Liberia's economic performance under its Extended Credit Facility (ECF) (formerly Poverty Reduction and Growth Facility) arrangement. The approval enables Liberia to draw an amount equivalent to SDR 4.44 million (US$6.55 million) immediately, bringing total disbursements under the arrangement to an amount equivalent to SDR 230.14 million (US$339.25 million). The SDR 239.02 million (about US$352 million) ECF arrangement for Liberia was approved by the Executive Board on March 14, 2008.

KOLKATA: This may come as a surprise to Indian policymakers, but apparently the ruling Awami League is not much different from its main opposition, Bangladesh Nationalist Party, when it comes to buying arms from abroad: the most preferred destination is still China, not India.

A sudden change of tune in Beijing on the yuan exchange rate has perhaps averted a potentially divisive issue posing a new risk to the solidarity of G-20 at its fourth Summit in Toronto (June 26-27). At last, Beijing yielded to US pressures for allowing greater flexibility to its renminbi exchange rate, pegged to the dollar for two years, by announcing a move toward “managed floating exchange rate”, thus heading off immediate threats of trade actions by US Congress.

The African Water Facility's (AWF) Effectiveness Assessment Committee meeting took place on Friday, 18 June 2010 at the African Development Bank (AfDB)'s temporary relocation headquarters in Tunis. The purpose of the meeting was to enable the committee to review the draft Assessment Report submitted by the consultants Hydroconseil/WEDCC (Water Engineering and Development Center), and to provide input to the Consultant for revision of document.

New York: Encouraging reconciliation between warring political groups and boosting basic public security are critical to stabilizing Somalia, the incoming United Nations envoy to the troubled Horn of Africa country has said.

New York: Nearly a million people in rural Nepal have access to energy thanks to two United Nations development programmes which show that early investment by national governments and communities can attract private financing and extend access to utilities, according to a UN report.

New York: Nepal has become the latest country to sign a United Nations convention designed to safeguard intangible cultural heritage, such as folklore, oral traditions, social rituals and the performing arts, the UN Educational, Scientific and Cultural Organization (UNESCO) has reported.