TOKYO, Oct 26 (Reuters) - The World Bank plans to increase loans to poor countries to make up for dwindling private fund flows to these economies, Japan's business daily Nikkei reported on Sunday.
The international lender aims to double its long-term loans to those countries from $13.5 billion in 2007 to help them cope with the global credit crisis, the paper said.
The move came as the International Monetary Fund (IMF), another Washington-based multinational lender, offered help to crisis-struck countries, such as Iceland and Ukraine.
The World Bank loans will be targeted at around 10 poor countries in Asia and Africa, such as Ghana, Bangladesh and Cambodia, as the IMF focuses on emerging, middle-income economies, the Japanese daily said.
The World Bank will offer long-term loans of 15 to 20 years at an interest rate roughly on a par with London Inter-bank Offered Rate, or LIBOR.
The bank is also considering emergency loans to these countries, the paper added.
(Reporting by Hideyuki Sano; Editing by Jan Dahinten)
The international lender aims to double its long-term loans to those countries from $13.5 billion in 2007 to help them cope with the global credit crisis, the paper said.
The move came as the International Monetary Fund (IMF), another Washington-based multinational lender, offered help to crisis-struck countries, such as Iceland and Ukraine.
The World Bank loans will be targeted at around 10 poor countries in Asia and Africa, such as Ghana, Bangladesh and Cambodia, as the IMF focuses on emerging, middle-income economies, the Japanese daily said.
The World Bank will offer long-term loans of 15 to 20 years at an interest rate roughly on a par with London Inter-bank Offered Rate, or LIBOR.
The bank is also considering emergency loans to these countries, the paper added.
(Reporting by Hideyuki Sano; Editing by Jan Dahinten)
1 comment:
we care poor, that's why we need help to boost our economy further. i mean, everybody has gotten to start somewhere, somehow!
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