The World Bank Board of Directors approved today a US$ 2.125 billion loan for the Kazakhstan South-West Roads Project to help upgrade the trade route linking China to Russia and Western Europe through Kazakhstan, bringing a helpful economic stimulus to some of Kazakhstan’s poorest provinces.
On 24 April 2009, eight grant agreements were signed between the World Bank and civil society organizations of Uzbekistan. This funding for the projects is provided from the Civil Society Social Development Fund and the Program itself is known more as “Small Grants Program”.
The Asian Development Bank’s (ADB) Board of Governors has agreed to triple ADB’s capital base from US$55 billion to US$165 billion, giving it much-needed resources to respond to the global economic crisis and to the longer term development needs of the Asia and the Pacific region.
After enjoying a decade of strong growth and poverty reduction, the countries of Eastern Europe and Central Asia (ECA) are now seeing the global economic and financial crisis push almost 35 million people back into poverty and vulnerability, or about one-third of the people that had escaped from it over the last ten years, the World Bank said today at its regular regional economic briefing at the World Bank/IMF Spring Meetings.
IFC, a member of the World Bank Group, and the Japan Bank for International Cooperation (JBIC) today agreed to work together to boost financing for trade, which has been hurt by the global financial crisis and will be essential for a lasting economic recovery.
The IMF has approved a US$116 million loan for Tajikistan to help its economy adjust to the impact of the global crisis, which threatens to undo the recent gains made against poverty in the country.
The International Finance Corporation (IFC) is preparing to launch two new projects in Azerbaijan at once, abc.az reported.
Aggregate capital of commercial banks of Uzbekistan increased by 46.3% year-on-year to 1.268 trillion soums in the first three months of 2009, the Central Bank of Uzbekistan said at its session dedicated to the first quarter of 2009.