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MANILA, PHILIPPINES - The Asian Development Bank (ADB) is providing EUR20 million to an integrated cement plant in Azerbaijan to expand output and improve fuel efficiency. The loan marks ADB's first ever private-sector infrastructure investment in the Central Asian nation.

The African Development Bank (AfDB), European Investment Bank (EIB), and the OPEC Fund for International Development (OFID), announce support for the African Capitalization Fund, a new private equity fund to be created by the International Finance Corporation (IFC) Asset Management Company. The Fund will seek to capitalize systemically important private sector commercial banking institutions in Africa to spur economic recovery and job creation. The Abu Dhabi Fund for Development (ADFD) also announced today that a commitment to the fund is under consideration.

Organized by the OECD Development Centre and the African Development Bank (AfDB), the International Forum on African Perspectives has grown to become the largest and most important annual event on Africa in Europe.

New York: For the first time, biosphere reserves in Ethiopia and Zimbabwe are joining the United Nations network that was created in an attempt to halt the loss of biodiversity and promote sustainable development.

New York: A United Nations independent human rights expert has sounded the alarm about the practice of targeted killings, saying it had a tenuous legal basis and could undermine the rules that aim to prevent extrajudicial executions and guarantee people the right to life.

The Executive Board of the International Monetary Fund (IMF) today approved an amount equivalent to SDR 41.88 million (about US$61.4 million) three-year arrangement for the Kingdom of Lesotho under the Extended Credit Facility (ECF). The arrangement will support the authorities' medium-term adjustment program and help reduce balance of payments risks.

New York: More than 80 nations have reaffirmed their commitment to the Rome Statue, which led to the founding of the International Criminal Court (ICC), emphasizing the crucial role of justice in achieving sustainable peace.

Executive Directors of the International Monetary Fund (IMF) have commended the Bulgarian authorities for maintaining prudent macroeconomic policies, which had helped steer the economy through the global financial crisis. Directors noted that while the economy is poised to recover this year after a sharp contraction, large private external debt and the potential spillover from regional uncertainties pose considerable downside risks. Capital inflows are likely to remain low and domestic demand is expected to decline further, requiring substantial adjustments by both the private and public sectors. Wage moderation, alongside structural reforms to increase productivity, will help facilitate a reorientation of the economy toward the tradable sector, while containing the growth of public spending is a necessary response to the end of the revenue boom.

The Executive Board of the International Monetary Fund (IMF) today approved an 18-month SDR 12.48 million (about US$18.3 million) arrangement under the Standby Credit Facility for the Solomon Islands in support of the authorities' economic reform program. An amount equivalent to SDR 3.12 million (about US$4.6 million) is immediately available to the Solomon Islands.

New York: Human trafficking, “one of the most appalling forms of human rights violations,” remains one of the world's fastest growing criminal activities in the world, an independent United Nations expert has said.