World Bank in Central Asia. World Bank in Central Asia Types and areas of activity
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International monetary organizations
Bank for International Settlements Its organizers were the issuing banks of England, France, Italy, Germany, Belgium, Japan and a group of American banks led by the Morgan banking house. The BIS carries out deposit and loan, foreign exchange, stock transactions, purchase and sale and storage of gold.
International currency board(IMF) The capital of the IMF is formed through contributions from member states of the fund in accordance with the quota established for each of them, the value of which depends on the level of economic development of the country and its role in the world capitalist economy and international trade. IMF loans are divided into several types: - loans provided within the country's reserve position in the IMF. - loans provided in excess of the reserve share.
International Bank for Reconstruction and Development (IBRD) Only members of the IMF can be members of the bank; votes are also determined by the country's quota in the capital of the IBRD. The IBRD provides loans, usually for up to 20 years, to expand the production capacity of the bank's member countries, which are issued under the guarantee of their governments. The bank covers only 30 percent of the cost of the facility with its loans, and the largest part of the loans is directed to energy, transport, and communications.
IBRD financial institutions
International Association Development Development (IDA) IDA was established in 1960 with the aim of providing concessional loans to developing countries (for up to 50 years with payment of 0.75% per annum).
International Finance Corporation (IFC) IFC was created at the initiative of the United States in 1956 to encourage the placement of private capital in the industry of developing countries. The IFC provides loans to highly stable private enterprises, but unlike the IBRD, without government guarantees. Loans are issued for a period of up to 15 years in the amount of up to 20% of the project cost.
Multilateral Investment Guarantee Agency (MIGA) MIGA provides investment insurance against political risk in the event of expropriation, war, civil unrest and contract failure. MAGI was created in 1988.
Regional development banks 1944 – Inter-American Development Bank (IADB), which represents 27 participants from developing countries in the region and 16 representatives developed countries; 1964 – African Development Bank (AfDB) with corresponding participation of countries in the ratio of 50 and 25 countries; 1966 – Asian Development Bank (ADB) with corresponding participation of countries in the ratio of 31 and 14.
Regional monetary and credit organizations of the “European Union”
European Investment Bank (EIB) The European Investment Bank (EIB) was created in 1958 with the aim of providing loans for a period of 20 to 25 years for the development of backward areas, the implementation of interstate projects, modernization sectoral structure production.
European Foundation currency cooperation(EMF) The European Monetary Cooperation Fund (EMF) was created in 1973 within the framework of the European monetary system, and since 1994 - the European Monetary Institute (EMI). It provides loans to cover the balance of payments deficit of EMU member countries, subject to their implementation of economic stabilization programs.
European Bank for Reconstruction and Development (EBRD) The European Bank for Reconstruction and Development (EBRD) was established on May 29, 1990 to assist reforms in the countries of central and of Eastern Europe. The founders of the bank are 40 countries - all European countries except Albania, also the USA, Canada, Australia, etc. and two international organizations - the European Union and the European Investment Bank.
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* World Bank in Central Asia Workshop presented by the Group World Bank Ashgabat December 2007Slide 2
* World Bank in Central Asia Kazakhstan, Republic of Kyrgyzstan, Turkmenistan and Uzbekistan joined the World Bank in 1992 Tajikistan joined the World Bank in 1993 Total commitments in Central Asia since 1992 - over $4 billion for almost 110 projects There are currently 50 active projects in Central Asia
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* World Bank in Central Asia Kazakhstan - IBRD loans Kyrgyz Republic and Tajikistan, Uzbekistan - IDA grants (countries are eligible for IDA loans if their GDP per capita is less than $865)
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* World Bank in Central Asia – current portfolio Kazakhstan – 10 active projects for total amount US$568.5 million, including two projects supported by GEF grants and a strong AAA Research and Advisory Program (JERP), which will reach just under $3 million in FY08 and is 67% Government funded. ( environment, water supply, infrastructure). Three pipeline projects and 5 other projects are at various stages of preparation. Kyrgyz Republic – 19 projects, USD 254.28 million (agriculture, countryside– irrigation, water supply and sanitation, investing in rural development, healthcare, etc.). Three more projects are in preparation. Tajikistan – 15 projects worth US$184.8 million are being implemented. (support for farming, primary healthcare, education, water supply in Dushanbe, power industry in the Pamirs, etc.). Five projects are in preparation. Uzbekistan - 6 projects, USD 286.14 million (education, healthcare, rural water supply and sanitation, water supply to Bukhara and Samarkand, drainage and irrigation, support for rural entrepreneurship). In addition, a strong AAA programme, including Government support for WIS, public funding reform and capacity building. Turkmenistan – no active loans
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* Kazakhstan is an IBRD country Country Partnership Strategy JERP - Joint Economic Research Program Diversified portfolio: 29 loans totaling over $2 billion since 1992 Net current liabilities - $568.45 million Loan breakdown by sector - 42% in energy and mining, 28 % in the agricultural sector, 18% in transport, and 12% in environmental protection
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* Current WB portfolio in Kazakhstan Current projects: Project to control the Syr Darya and northern part Aral Sea(2002–2008, $64.5 million). Project for cleaning the Nura River (2004-2009, 40.4 USD million). Post-Privatization Agricultural Assistance Project - Phase 2 (2006-2009, $35 million) Competitiveness Project Agriculture(2006-2010, $24 million). Land Management Project (2004-2009, $5 million GEF Grant). North-South Electricity Transmission Project (2005-2009, $100 million). Forest and reforestation restoration project (2007-2012, $30 million, GEF co-financing - $5 million grant) Project ecological restoration Ust-Kamenogorsk (2007-2013, $24.2 million) Customs Modernization Project (2008-2012, $18.5 million) Projects in preparation: Innovation for Competitiveness Project Healthcare Project Irrigation and Drainage - Phase 2 Territorial development Vocational and technical education Control of the Syr Darya and the northern Aral Sea - phase 2
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* What is JERP Basis: joint financing, joint ownership Mechanism for planning and financing analytical work: The Government of Kazakhstan and the Bank agree on a program annually The Government of Kazakhstan consults with line ministries on strategic priorities The process ensures that analytical work is consistent with the priorities of the Government Incentives the Bank to provide quality work in a timely manner products. SPEI is a non-refundable vehicle; shared decision making and financing
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* SPEI today Innovation mechanism planning and financing of analytical work with a cost-sharing arrangement with the Government Established in 2002, extended for an additional 3-year period (FY06-08) Program size ranges from $1 million. in FY02 up to $4 million. in FY07, and $2,925 in FY08 (60% co-financed by the Government of Kazakhstan) List of studies updated annually FY2008 Topics: Macroeconomic Management, Diversification and Competitiveness Review of Public Financial Management and administrative reform Socio-Economic Development Issues Excellent tool for quickly responding to Government requests during the financial year Excellent source of ideas for potential investment projects
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WORLD BANK FOR RECONSTRUCTION AND DEVELOPMENT: HISTORY OF EDUCATION, MAIN PARTICIPANTS, GOALS OF THE ORGANIZATION. The International Bank for Reconstruction and Development (IBRD) aims to reduce poverty in middle-income and creditworthy poor countries by helping sustainable development through the provision of loans, guarantees, risk management products, analytical and advisory services. International Bank for Reconstruction and Development- specialized institution The UN, owned by 185 member states, was established simultaneously with the IMF in accordance with the decisions of the International Monetary Conference at Bretton Woods in 1944. The IBRD Agreement, which is also its charter, officially came into force in 1945, but the bank began to function since 1946. The location of the IBRD is Washington.
DIFFERENCES between the WORLD BANK and the INTERNATIONAL MONETARY FUND The International Monetary Fund monitors and promotes the state of the world monetary system international cooperation in the foreign exchange sector; The World Bank promotes the preservation of the stability of currencies and the maintenance of orderly monetary relations among its member countries; strives to promote economic development and implementation of structural reforms in developing countries; assists its members in overcoming temporary balance of payments difficulties by providing them with short- and medium-term loans, allowing them to i.e. get rid of deficit; provides assistance to developing countries by providing long-term lending to development projects and programs; through the International Development Association provides special finance. assistance to the poorest developing countries; through its affiliate, the International Finance Corporation, it stimulates the growth of private entrepreneurship in developing countries; attracts the bulk of its finances. resources by borrowing on international bond markets. complements the reserves of member countries, providing them with special rights borrowing in case of long-term need for them; attracts resources primarily in the form of contributions from member countries.
FUNCTIONS OF THE WORLD BANK FOR RECONSTRUCTION AND DEVELOPMENT IN modern conditions IBRD: Supports long-term investments in human resources and social development Supports the financial stability of borrowers by providing assistance during times of crisis, when the poor are hardest hit. Uses financial resources influence to stimulate the adoption of key policies and institutional reforms (such as social protection reforms and the fight against corruption). Mobilizes private capital to help create favorable climate for investment. Provides financial assistance (in the form of grants allocated from net profit IBRD) in creating global public goods that are critical to improving the living standards of the world's poor.
MAIN AREAS OF ACTIVITY OF THE WORLD BANK: Medium and long-term lending for investment projects; Preparation, technical and financial-economic justification of investment projects; Financing of structural adjustment programs in developing and post-socialist countries.
STRUCTURE OF THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT Supreme body The IBRD is the Board of Governors. The executive body of the IBRD is the Board of Directors. The bank is headed by a president, usually a representative of the highest US business circles. The Council, composed of finance ministers or central bank governors, meets once a year jointly with the IMF. The main operational unit is the Development Committee. An important element of the Bank’s structure is the independent Performance Evaluation Department
WORLD BANK GROUP In addition to the IBRD, the following financial institutions were created: International Development Association. Created in 1960. The purpose of the organization is to provide assistance to the poorest countries through voluntary donations from member countries. International Finance Corporation. Created in 1956 to ensure a sustainable flow of private investment into developing countries, the Multilateral Investment Guarantee Agency. The goal is to promote foreign direct investment in developing countries. International Center for the Settlement of Investment Disputes. The goal is to provide legal opportunities for reconciliation of the parties and for arbitration procedures in international investment disputes. All these financial institutions work closely together to form the World Bank Group. .
SOURCES: Official website of the IBRD: http: //web. worldbank. org Wikipedia: http: //ru. wikipedia. org/ Digital library"BIBLIOFOND": http: //bibliofond. ru Banks. ru- information about banks: http: //www. banki. ru