金融英語(yǔ)及聽(tīng)力unit19the world bank企業(yè)應(yīng)該了解組織的活動(dòng)呢其一許多是融資項(xiàng)目

金融英語(yǔ)資料金融英語(yǔ)資料金融英語(yǔ)資金融英語(yǔ)資料Unit19Theworld提供部分融資和技術(shù)的不發(fā)達(dá)國(guó)家的開(kāi)發(fā)金融機(jī)構(gòu)是這些國(guó)家中商品和勞務(wù)的潛在來(lái)源。ImportancetoThereareanumberofreasonswhybusinessshouldbeawareoftheWorldBankGroup'sactivities:Manycompaniesarerstoborrowersingroup-financedprojects,andtheseborrowersspendbillionsofdollarseachyearbuyinggoodsandservicesfromThedevelopmentfinanceinstitutions(discussedbelow)inLDCs,whicharepartlyfinancedandtechnicallyassistedbythegroup,arepotentialcapitalsourcesforbusinessessellingorworkinginLDCs.TheWorldBank'scenterforarbitrationmaybeabletoresolvedifficultiesencounteredbybusinessinaforeigncountry.Projectsfinancedbythegrouptendtobemutuallysupportive(forexample,generalbenefitsresultingfromimprovedinfrastructure,andbettereconomicresourceinventories).Theinformationthatthegroupgathersaboutanation'soraproject'sfinances,usesoffunds,managementabilities,andsoforthtendstobemorecompleteandaccuratethantheinformationlikelytobeavailabletoaprivate,foreignbusiness.TheMultilalInvestmentGuaranteeAgency(MIGA)wassetupasaWorldBankaffiliatein1988.Itsinsurance-typeagreementswillprotectcompaniesagainstexpropriation,currencyinconvertibility,wars,revolutionsorcivildisturbances,andother mercialriskstotheirnewinvestmentsinLDCsthataresignatoriestotheMIGAcharter.MIGAhas$780millioninsubscribedcapitalandbeganwritingagreementsin1990.Thegreatmajorityofgrouploansorcredits1-aremadetoInWorldBankterminology,moneyslentbythebankarecalledloans,whilethoselentbytheIDAareretortedtoascredits.ImportancetoBusinessThereareanumberofreasonswhybusinessshouldbeawareoftheWorldBankGroup'sactivities:以下幾個(gè)原因說(shuō)明了為什么企業(yè)應(yīng)當(dāng)了解世界銀行的業(yè)務(wù)活動(dòng)：Manycompaniesarerstoborrowersingroup-financedprojects,andtheseborrowersspendbillionsofdollarseachyearbuyinggoodsandservicesfrombusinesses.許多公業(yè)商品和勞務(wù)。Thedevelopmentfinanceinstitutionsdiscussedbelow)inLDCswhicharepartlyfinancedandtechnicallyassistedbythegroup,arepotentialcapitalsourcesforbusinessessellingorworkinginLDCs.欠發(fā)達(dá)國(guó)家的開(kāi)發(fā)性金融機(jī)構(gòu)向世界銀行融通部分并接受世界銀行的技術(shù)援LDClessdevelopedcountriesTheWorldBank'scenterforarbitrationmaybeabletoresolvedifficultiesencounteredbybusinessinaforeigncountry.世界銀行的仲裁中心會(huì)有助于企業(yè)解決在國(guó)外所的難題。Projectsfinancedbythegrouptendtobemutuallysupportive(forexample,generalbenefitsresultingfromimprovedinfrastructureandbettereconomicresourceinventories).世界銀Theinformationthatthegroupgathersaboutanation'soraproject'sfinancesusesoffunds,managementabilities,andsoforthtendstobemorecompleteandaccuratethantheinformationlikelytobeavailabletoaprivate,foreignbusiness.世界銀行所收集的有關(guān)一國(guó)或一個(gè)項(xiàng)目的財(cái)務(wù)狀況使用經(jīng)營(yíng)能力等方面的信息比起一個(gè)私營(yíng)的外國(guó)企業(yè)可能得到的信息來(lái)，TheMultilalInvestmentGuaranteeAgency(MIGA)wassetupasaWorldBankaffiliatein1988.多邊投資擔(dān)保(MIGA)作為世界銀行的一個(gè)附屬機(jī)構(gòu)于1988年成立Itsinsurance-typeagreementswillprotectcompaniesagainstexpropriation,currencyinconvertibility,wars,revolutionsorcivildisturbances,andother mercialriskstotheirnewinvestmentsinLDCsthataresignatoriestotheMIGAcharter.Inthissentence,Itsinsurance-typeagreements是指多邊投資擔(dān)保(MIGA)的式的協(xié)議willprotectcompaniesagainst能夠保護(hù)公司…的影響，expropriationcurrencyinconvertibility貨幣不可兌換、wars、revolutions、civildisturbances,內(nèi)亂othermercialrisks等其他非經(jīng)濟(jì)風(fēng)險(xiǎn)。那么使得公司在哪的投資免遭影響呢？totheirnewinvestmentsinLDCsthataresignatoriestotheMIGAcharter.譯文：其式的協(xié)議能夠保護(hù)公司在那些與MIGA締約的欠發(fā)達(dá)國(guó)家的新增投資免遭諸如強(qiáng)制征用、貨幣不可兌換、、、內(nèi)亂等其他非經(jīng)濟(jì)風(fēng)險(xiǎn)的影響。MIGAhas$780millioninsubscribedcapitalandbeganwritingagreementsin1990.多邊投資擔(dān)保擁有7．8億的資本，并從1990年開(kāi)始簽署合同。HardLoansMadebytheWorldHardTheWorldBankmakeshardloans.Thismeansitsloansareatprevailingmarketinterestandaregrantedonlytosoundborrowersforperiodsnotexceeding25years.TheBankmustmakerelativelysafeloanswithhighassuranceofrepaymentbecauseitsownfundsareacquiredthroughthesaleofsecuritiesofferingsthatmustcompetewithernmentandprivatebusinessofferingsofallsorts.InvestorswouldnotbuyWorldBanksecuritiesateconomicalinterestratesiftheyfeltthattheBank'sloanswereinsecure.becausetheBankmustrepaythebuyersofitssecuritiesoutofproceedsandprofitsonitsloans.HardLoansTheWorldBankmakeshardloans.世界銀行硬Thismeansitsloansareatprevailingmarketinterestratesandaregrantedonlytosoundborrowersforperiodsnotexceeding25years.，指的是這種使用普遍的市場(chǎng)利率，只授予信譽(yù)良好的借款人并且期限不超過(guò)25年。TheBankmustmakerelativelysafeloanswithhighassuranceofrepaymentbecauseitsownfundsareacquiredthroughthesaleofsecuritiesofferingsthatmustcompetewithernmentandprivatebusinessofferingsofallsorts.世界銀行必須有高還款保證的相對(duì)安全的，因?yàn)樗峭ㄟ^(guò)獲得自有的而其的又必須與各種和私人企業(yè)的相l(xiāng)oanswereinsecure.becausetheBankmustrepaythebuyersofitssecuritiesoutofproceedsandprofitsonitsloans.投資者如果感到世界銀行的不夠安全，他們就不會(huì)以平均利率它的這意味著世界銀行必須向其的者償還的金額超過(guò)了其所能獲得的Todate,therehavebeennodefaultsonloansmadebytheWorldBank,anditsbondscarrythehighestqualityratingavailable,thatis,AAA.TheWorldBankhasoperatedataprofiteveryyearsince1947.ThatprofithasbeenusedtomakeadditionalloansandtofurnishfundsfortheIDATodate,therehavebeennodefaultsonloansmadebytheWorldBank,anditsbondscarrythehighestqualityratingavailable,thatis,AAA.直至今日，世界銀行所的還沒(méi)有出現(xiàn)過(guò)違約的情況，它的債券也一直擁有最高的質(zhì)量等級(jí)——AAA級(jí)。TheWorldBankhasoperatedataprofiteveryyearsince1947.ThatprofithasbeenusedtomakeadditionalloansandtofurnishfundsfortheIDA,1947年以來(lái)，世界銀行每年的經(jīng)營(yíng)都有盈利，這部分利潤(rùn)用于的以及充實(shí)國(guó)際開(kāi)發(fā)的基金，AlthoughnoWorldBankloanshavebeenofficiallydeclaredtobeindefault,somecountrieshavebeenunabletomakepaymentswhencalledforbytheoriginalloanterms.TheBankhasrescheduledmanyofthoseloans,givingthedebtorcountriesmoretimetorepaythem;however,itisquitepossiblethatunlesseconomicconditionsimprovefordebtorLDCs,someWorldBankloanswillhavetobereorganizedasindefault.AlthoughnoWorldBankloanshavebeenofficiallydeclaredtobeindefault,somecountrieshavebeenunabletomakepaymentswhencalledforbytheoriginalloanterms.盡管世界銀行從未官howeveritisquitepossiblethatunlesseconomicconditionsimprovefordebtorLDCssomeWorldBankloanswillhavetobereorganizedasindefault.然而除非借貸的欠發(fā)達(dá)國(guó)家經(jīng)濟(jì)狀況確實(shí)好轉(zhuǎn)，否則世界銀行的一些最終很有可能不得違約資產(chǎn)進(jìn)行重組。BusinessOpportunitiesandInformationforbusinessestoselltheirproductsandservicestotheborrowers.InternationalcompetitivebiddingisaBankrequirement.However,althoughtheBankannouncesthesigningofeachloan,itdoesnotinvitebidsortendersfrompotentialrstothefinancedprojects.Suchinvitationsaretheresponsibilityoftheernmentoragencyexecutingtheproject.Thus,a desiringtoselltoaprojectmustwatchfortheloanannouncementsandthencontactappropriateofficialsintheborrowingcountryoratthatcountry'sembassyinitsowncountry.BusinessOpportunitiesandInformationSources業(yè)務(wù)機(jī)會(huì)和信息資ThebillionsofdollarsandothercurrencieslentbytheWorldBankcreatemanyopportunitiesforbusinessestoselltheirproductsandservicestotheborrowers.世界銀行貸出的數(shù)以億計(jì)的和其他貨幣為企業(yè)向借款人商品和勞務(wù)提供了大量機(jī)遇。InternationalcompetitivebiddingisaBankrequirement.國(guó)際競(jìng)標(biāo)是世界銀行所要求的一項(xiàng)條However,althoughtheBankannouncesthesigningofeachloan,itdoesnotinvitebidsortendersfrompotentialrstothefinancedprojects.然而，盡管它每筆都有必要簽署競(jìng)標(biāo)協(xié)議，但它自己并不向潛在的供應(yīng)商發(fā)出項(xiàng)目的投標(biāo)邀請(qǐng)Suchinvitationsaretheresponsibilityoftheernmentoragencyexecutingtheproject.發(fā)出這Thus, desiringtoselltoaprojectmustwatchfortheloanannouncementsandcontact?appropriateofficialsintheborrowingcountryoratthatcountry'sembassyinits應(yīng)或該國(guó)在公司本國(guó)的大使館取得聯(lián)系。Quiteevidently,thatprocedureposesdifficultiesforfirms,particularlysmallerones,whichwouldliketoselltheirproductsorservicestoaBank-financedproject.Inrecognitionofthis,theUNbeganin1978tofurnishprocurementinformation.TheUNCenterforEconomicandSocialInformationinGenevapublishesDevelopmentForumBusinessEdition,abiweeklynewspaperthatgivesdetailsofallmajorbusinessopportunitiesopenedbyWorldBankloans.Thenewspaperpublishesrequirementsforeachprojectandinstructionsonhowtobidforthebusiness.liketoselltheirproductsorservicestoaBank-financedproject.很明顯，這一過(guò)程給那些想要Inrecognitionofthis,theUNbeganin1978tofurnishprocurementinformation.在認(rèn)識(shí)到這一點(diǎn)之后，從1978年開(kāi)始提供采購(gòu)信息Furnish:TheUNCenterforEconomicandSocialInformationinGenevapublishesDevelopmentForumBusinessEdition,abiweeklynewspaperthatgivesdetailsofallmajorbusinessopportunitiesopenedbyWorldBankloans.設(shè)在日內(nèi)瓦的經(jīng)濟(jì)社會(huì)信息中心一份雙周報(bào)——《發(fā)展論ThenewspaperpublishesrequirementsforeachprojectandinstructionsonhowtobidfortheAmongWorldBankreportsandpublicationsthatcanbehelpfultobusinessandstudentsareitsAnnualReport,StatementofLoans(quarterly),GuidelinesRelatingtoProcurementunderWorldBankLoansandIDACredits,UsesofConsultantsbytheWorldBankandItsBorrowers,andWorldBankAtlasofPerCapitaProductandPopulation.AlsoavailablearereportsoftheWorldBank'svariousGeneralSurveyMissionsregardingcertaincountriesorareas.AmongWorldBankreportsandpublicationsthatcanbehelpfultobusinessandstudentsareitsAnnualReport,StatementofLoans(quarterly),GuidelinesRelatingtoProcurementunderWorldBankLoansandIDACreditsUsesofConsultantsbytheWorldBankandItsBorrowersandWorldBankAtlasofPerCapitaProductandPopulation.在世界銀行的報(bào)告和物中，可能對(duì)企業(yè)和學(xué)生們有所幫助的包括《年報(bào)《報(bào)表》(季度)《有關(guān)世界銀行和國(guó)際開(kāi)發(fā)AlsoavailablearereportsoftheWorldBank'svariousGeneralSurveyMissionsregardingcertaincountriesorareas.此外還有世界銀行關(guān)于特定國(guó)家和地區(qū)的各種總體回顧報(bào)告。InternationalFinanceTheInternationalFinanceCorporation(IFC)istheWorldBankGroup'sinvestmentbanker.ItssphereisexclusivelyprivateriskventuresintheLDCs.ThepurposeoftheIFCistofurthereconomicdevelopmentbyencouragingthegrowthofproductiveenterpriseinmember-countries,thussupplementingtheactivitiesoftheWorldBank.InternationalFinanceCorporation(IFC)國(guó)際金融公司TheInternationalFinanceCorporation(IFC)istheWorldBankGroup'sinvestmentItssphereisexclusivelyprivateriskventuresintheLDCs.國(guó)際金融公司(IFC)是世界銀行ThepurposeoftheIFCistofurthereconomicdevelopmentbyencouragingthegrowthofproductiveenterpriseinmember-countriesthussupplementingtheactivitiesoftheWorldBank.國(guó)際金JointventuresTheIFC'sistofavorjointventuresthathavesomelocalcapitalcommittedattheoutset,oratleasttheprobabilityoflocalcapitalinvolvementintheforeseeablefuture.ThisisnottosaythattheIFCwillnotcooperatewithcapitalsourcesoutsidethehostcountry(thecountryinwhichtheinvestmentisbeingmade),andtherearemanyexamplesofsuchcooperation.Amongtheindustriesthuscapitalizedhavebeenfertilizers,syntheticfibers,tourism,paper,andcottonfabric.Theoutsidecapitalsources,ifinrelatedlinesofbusiness,areusuallyinternationalcompanies(ICs).AfewICsthathavecooperatedwiththeIFChavebeenPhillipsPetroleum,AKVNetherlands,ICI,IntercontinentalHos,andPechiney-Gobain.Jointventuresfavored.TheIFC'sistofavorjointventuresthathavesomelocalcapitalcommittedattheoutset,oratleasttheprobabilityoflocalcapitalinvolvementintheforeseeablefuture.國(guó)際金融公司的政ThisisnottosaythattheIFCwillnotcooperatewithcapitalsourcesoutsidethehostcountrythecountryinwhichtheinvestmentisbeingmadeandtherearemanyexamplesofsuchcooperation.Amongtheindustriesthuscapitalizedhavebeenfertilizers,syntheticfibers,tourism,paper,andcottonfabric.目前已經(jīng)投資的產(chǎn)業(yè)包括：化肥、合成纖維、旅游、造紙、棉紡。Theoutsidecapitalsources,ifinrelatedlinesofbusiness,areusuallyinternationalcompaniesAfewICsthathavecooperatedwiththeIFChavebeenPhillipsPetroleumAKVNetherlands,ICI,IntercontinentalHos,andPechiney-Gobain.，一些曾與國(guó)際金融公司合作過(guò)的公司包括石油、荷蘭AKV、化學(xué)工業(yè)公司、洲際大酒店和內(nèi)一戈班。CreationoflocalcapitalInreturnforitsinvestmentina,theIFCtakessecuritiesintheformofstock(equityownership)orbonds(debt).OneobjectiveoftheIFCistosellitssecuritiesintoalocalcapitalmarket.Todothat,itwillhelpcreateandnurturesuchamarket.Forexample,theIFCextendeda$5millioncreditlinetoasyndicateofprivateBrazilianinvestmentbankstoprovidesupportforthosebanks'securitiesunderwritingactivities.ThebanksworkwithFondodoDesenvolvimentodoMercadodeCapitais,arevolvingcapitalmarketdevelopmentfundmaintainedbytheBraziliancentralbank.Theobjectivesare(1)toinducetheinvestmentbankstoassumeagreaterroleinunderwritingBraziliansecuritiesinBrazil,(2)toimprovetheaccessofBraziliancompaniestolong-termdomesticsourcecapital,and(3)toencourageBrazilianstoinvestinsounddomesticsecurities.Creationoflocalcapitalmarkets.Inreturnforitsinvestmentina,theIFCtakessecuritiesintheformofstock(equityownership)orbonds(debt).作為投資于公司的回報(bào)，國(guó)際金融公司以(所有權(quán))或券(企業(yè)債)的形式持有OneobjectiveoftheIFCistosellitssecuritiesintoalocalcapitalmarket.國(guó)際金融公司的一項(xiàng)Todothatitwillhelpcreateandnurturesuchamarket.為了做到這一點(diǎn)，它會(huì)幫助建立并培育ForexampletheIFCextendeda$5millioncreditlinetoasyndicateofprivateBrazilianinvestmentbankstoprovidesupportforthosebanks'securitiesunderwritingactivities.例如，國(guó)際金融公司為一個(gè)巴西私人投資銀行財(cái)團(tuán)提供500萬(wàn)的額度，為它們的承銷業(yè)務(wù)提供支Syndicate:加，商業(yè)財(cái)團(tuán)，企業(yè)聯(lián)合組asyndicateofprivateBrazilianinvestmentbanksThebanksworkwitharevolvingcapitalmarketdevelopmentfundmaintainedbytheBraziliancentralbank.這些投資銀行與一家由巴西經(jīng)營(yíng)的循環(huán)式資本市場(chǎng)發(fā)展基金合作。Theobjectivesare(1)toinducetheinvestmentbankstoassumeagreaterroleinunderwritingBraziliansecuritiesinBrazil,國(guó)際金融公司的任務(wù)是：引導(dǎo)投資銀行在承銷巴西本國(guó)中(2)toimprovetheaccessofBraziliancompaniestolong-termdomesticsourcecapital,促進(jìn)巴西and3toencourageBrazilianstoinvestinsounddomesticsecurities.鼓勵(lì)巴西投資者投資于信譽(yù)優(yōu)良的本國(guó)。LiaisonwithdevelopmentfinanceTheIFCistheliaisonwithintheWorldBankGroupforthenumerousdevelopmentfinancecompanies(DFCs)--sometimescalleddevelopmentbanks,asinEcuador--thathavesprungup,primarilyintheLDCs.EachDFCseekspotentiallyprofitableventureswithinitscountryandassistswithfeasibilitystudies.Ifaventureproceeds,theDFChelpsalongthewaywithadviceonnt,property,financing,management,orequipment.Finally,theDFCattemptstoestablishorenlargeadomesticcapitalmarketforsecuritiesoftheventure.Liaisonwithdevelopmentfinancecompanies.與開(kāi)發(fā)性金融公司的聯(lián)絡(luò)TheIFCistheliaisonwithintheWorldBankGroupforthenumerousdevelopmentfinancecompanies(DFCs)--sometimescalleddevelopmentbanks,asinEcuador--thathavesprungup,primarilyintheLDCs.國(guó)際金融公司是世界銀行與眾多主要在欠發(fā)達(dá)國(guó)家興起的開(kāi)發(fā)性EachDFCseekspotentiallyprofitableventureswithinitscountryandassistswithfeasibilitystudies.每家開(kāi)發(fā)性金融公司都在本國(guó)尋覓有潛在能力的企業(yè)并協(xié)助進(jìn)行可行性研究。Ifaventureproceeds,theDFChelpsalongthewaywithadviceonnt,property,financing,managementorequipment.如果企業(yè)能夠維持下去，開(kāi)發(fā)性金融公司會(huì)一直幫助在廠房、不Finally,theDFCattemptstoestablishorenlargeadomesticcapitalmarketforsecuritiesoftheventure.最后，開(kāi)發(fā)性金融公司會(huì)努力建立或擴(kuò)張本國(guó)資本市場(chǎng)以容納該企業(yè)的。ThankstotheIFC,investorsfrombothpoorandrichcountriescannowbuyandsellsecurities(stocksandbonds)ofcompaniesoperatinginthedevelocountriesthroughfundstradedontheNewYorkorLondonstockexchanges.Inaddition,stockmarketsareyinganincreasingpartinsupplyingandpricingfreshcapitalinemergingeconomies.Duringthe1980s,thecombinedcapitalizationofthe20largestemergingmarketsgrewsevenfold.Bythestartof1991,turnoverinthesemarketswasnearly40timesthe1980figure.Moreling,theaveragecapitalizationofthesemarketsasapercentageoflocalGDProseto32percentby1990,comparedto6percentin1980.ThankstotheIFC,investorsfrombothpoorandrichcountriescannowbuyandsellsecurities(stocksandbonds)ofcompaniesoperatinginthedevelocountriesthroughfundstradedontheNewYorkorLondonstockexchanges.才能通過(guò)在紐約或倫敦所的基金那些在發(fā)展中國(guó)家開(kāi)展經(jīng)營(yíng)活動(dòng)的公司的(包括和債券)。Inaddition,stockmarketsareyinganincreasingpartinsupplyingandpricingfreshcapitalinemergingeconomies.此外市場(chǎng)在對(duì)新興經(jīng)濟(jì)地區(qū)新生資本的供給和定價(jià)方面正扮演著Duringthe1980s,thecombinedcapitalizationofthe20largestemergingmarketsgrew2080年代間，207倍Bythestartof1991,turnoverinthesemarketswasnearly40timesthe1980figure.1991年初，這些市場(chǎng)的總額幾乎是1980年數(shù)字的40倍；Moreling,theaveragecapitalizationofthesemarketsasapercentageoflocalGDProseto32percentby1990,comparedto6percentin1980.更顯著的是，這些市場(chǎng)的平均資本總額占當(dāng)?shù)?9806199032％。TheThirdWorld'sgrowingtrendtowardsprivatizationwillhelpitsstockmarkets.Asernments,especiallyinLatinAmerica,trimbackpublicsectors,theywilldeepentheirwithextrastockandopenthemtoforeigncapitalandTheThirdWorld'sgrowingtrendtowardsprivatizationwillhelpitsstockmarkets.第三世界向著發(fā)展的趨勢(shì)會(huì)有助于其市場(chǎng)的成長(zhǎng)。Asernments,especiallyinLatinAmerica,trimbackpublicsectors,theywilldeepentheirmarketswithextrastockandopenthemtoforeigncapitalandliquidity.各國(guó)，特別是拉家的在公共部門(mén)的同時(shí)會(huì)通過(guò)增發(fā)和向外國(guó)資本及流動(dòng)開(kāi)放國(guó)門(mén)的方式Trim:Trimback:tomakesomethingshorterorsmaller:trimbackpublicsectors：精減或公共部LiketheWorldBank,theIFCisreluctanttoadmitdefaultofaloanorfailureofaninvestmentandhasrescheduledsomeloans.UnliketheWorldBank,however,theIFChaswrittenoffafewinvestmentsthatitjudgedcouldnotberevived.LiketheWorldBank,theIFCisreluctanttoadmitdefaultofaloanorfailureofaninvestmentandhasrescheduledsomeloans.像世界銀行一樣，國(guó)際金融公司也不情愿承認(rèn)違約或投資失UnliketheWorldBank,howevertheIFChaswrittenoffafewinvestmentsthatitjudgedcouldnotberevived.然而與世界銀行不同的是，國(guó)際金融公司曾經(jīng)注銷過(guò)一些能夠斷定無(wú)法挽回的投Writeoffofficiallysaythatsomeonedoesnothavetopaythedebt.注銷Revive:使…蘇醒，使…InternationalDevelopmentAssociationTheIDAisthe"soft"loan(or"credit",asanIDAloaniscalled)sectionoftheWorldBank.AlthoughitsharestheBank'sadministrativestaffandgrantscreditsforprojectscoveringthesamesortsofprojectsintheLDCsastheBank'sloans,itssoftloansdifferfromthe"hard"loansofthebankinseveralimportantways.Theyhaveupto40-yearmaturities,comparedto15and25-yearmaturitiesoftheBank.TheIDAmaygrant]0-yeargraceperiodsbeforerepaymentofprincipalorinterestmustbegin,whereasthegraceperiodsoftheWorldBankusuallydonotexceed5years.InternationalDevelopmentAssociation TheIDAisthe"soft"loanor"credit",asanIDAloaniscalled)sectionoftheWorldBank.國(guó)際開(kāi)發(fā)是世界銀行“軟”(國(guó)際開(kāi)發(fā)也稱作“信貸，)的部門(mén)，AlthoughitsharestheBank'sadministrativestaffandgrantscreditsforprojectscoveringthesamesortsofprojectsintheLDCsastheBank'sloans,itssoftloansdifferfromthe"hard"loansofthebankinseveralimportantways.雖然它與世界銀行共用行政人員，其信貸投向的項(xiàng)目范圍與世界銀行投向欠發(fā)達(dá)國(guó)家的項(xiàng)目種類相同但它的軟與世界銀行的硬在某些重Theyhaveupto40-yearmaturities,comparedto15and25-yearmaturitiesoftheBank.其期限可高達(dá)40年，而相比之下世界銀行只有15年與25年。TheIDAmaygrant10-yeargraceperiodsbeforerepaymentofprincipalorinterestmustbegin,whereasthegraceperiodsoftheWorldBankusuallydonotexceed5years.國(guó)際開(kāi)發(fā)可以在10年的寬限期5年。Graceperiods:TheIDAchargesonlythreesof]percentasaservicechargeondisbursedloanbalancesplusonehalfof]percentonundisbursedbalances.Asisevidentfromthesedifferences,borrowersfromtheIDAarethepoorestofthepoorLDCs,whichneedcreditfordevelopmentprojectsbutcannotcarrytheburdenontheireconomiesorforeignexchangereservepositionsthatwouldresultfromnormalcommercialtermloans.DeterminationofwhichcountriesqualifyaspoorenoughforIDAcreditsisbasedonpercapita es.Thehistoriceligibilityceilingis$940,butscarcityofresourceshaslonglimitedaccesstoIDAfundstocountrieswithpercapita eslessthan$580.Thisisreferredtoasthe"operationalcutoff"forIDAeligibility.Tothe umextentpossible,thecreditsaremadeinthecurrencyoftheborrowingmember-country.TheIDAchargesonlythree sofpercentasaservicechargeondisbursedloanbalancesplusonehalfofpercentonundisbursedbalances.國(guó)際開(kāi)發(fā)對(duì)已支出的余額僅收3／4個(gè)百Disburse:topayoutmoney,especiallyfromalargesumthatisavailableforaspecialpurpose從一大筆中，拿出錢(qián)來(lái)支付AsisevidentfromthesedifferencesborrowersfromtheIDAarethepoorestofthepoorLDCs,whichneedcreditfordevelopmentprojectsbutcannotcarrytheburdenontheireconomiesorforeignexchangereservepositionsthatwouldresultfromnormalcommercialtermloans.從這些急需信貸用于開(kāi)發(fā)項(xiàng)目而其經(jīng)濟(jì)狀況或外匯儲(chǔ)備又無(wú)法承擔(dān)普通條款商業(yè)賦予的DeterminationofwhichcountriesqualifyaspoorenoughforIDAcreditsisbasedonpercapitaes.認(rèn)定哪些國(guó)家足以貧窮到有資格獲取國(guó)際開(kāi)發(fā)的信貸取決于人均收入的多Thehistoriceligibilityceilingis$940butscarcityofresourceshaslonglimitedaccesstoIDAfundstocountrieswithpercapita eslessthan$580.，歷史上的最高合格線是940，但長(zhǎng)期以來(lái)的匱乏將能夠獲得國(guó)際開(kāi)發(fā)基金的國(guó)家的人均收入限制在了580以下，Thisisreferredtoasthe"operationalcutoff"forIDAeligibility.這便是常提及的國(guó)際開(kāi)發(fā)合Eligible:合格的，有資格的Anyoneovertheageof18iseligibletovote.18歲就有了Eligibility:Totheumextentpossible,thecreditsaremadeinthecurrencyoftheborrowingmember-country.這種在盡可能最大的程度上以借款成員國(guó)的本幣形式。IDAcapitalUnliketheWorldBank,theIDAcannotraisecapitalincompetitiveCapitalmarketsanddependsinsteadonsubscriptionsdonatedbytheDCsandsomeLDCs.Generally,theDCmembersmakecontributionsinconvertiblecurrencies;theLDCmembersdonatetheirowncurrencies.IDAcapitalsources.國(guó)際開(kāi)發(fā)的資本來(lái)UnliketheWorldBank,theIDAcannotraisecapitalincompetitiveCapitalmarketsanddependsinsteadonsubscriptionsdonatedbytheDCsandsomeLDCs.不同于世界銀行，國(guó)際開(kāi)發(fā)無(wú)法從競(jìng)爭(zhēng)的資本市場(chǎng)上籌金取而代之它依靠的是發(fā)達(dá)國(guó)家和一些欠發(fā)達(dá)國(guó)家捐贈(zèng)的GenerallytheDCmembersmakecontributionsinconvertiblecurrencies;總體上，發(fā)達(dá)的成員國(guó)theLDCmembersdonatetheirowncurrencies.IDAresourcesarerenewedperiodicallybyaprocesscalled"replenishment",supportingnationsdonatemoney.In1990,theNinthReplenishmentAgreementcalledformemberdonorcontributionsofSDR11.68billion($15.3billionattheJuly15,]991,exchangerate)overthethree-yearperiodofthe1991-1993fiscalyears.IDAresourcesarerenewedperiodicallybyaprocesscalled"replenishment",wherebysupportingnationsdonatemoney.國(guó)際開(kāi)發(fā)的通過(guò)一個(gè)名為“再充實(shí)”的過(guò)程定期更新，在此In1990,theNinthReplenishmentAgreementcalledformemberdonorcontributionsofSDR11.68billion($15.3billionattheJuly15,]991,exchangerate)overthethree-yearperiodofthe1991-1993fiscalyears.19909次再充實(shí)協(xié)議號(hào)召各捐贈(zèng)國(guó)在。3時(shí)間里貢獻(xiàn)出116．8億個(gè)特別提款權(quán)(按1991年7月15日的匯率相當(dāng)于153億aPieceofNewsaboutNewOrientalNewOrientalEducationandTechnologyGroupInc.,thelargestproviderofprivateeducationalservicesinwentpubliconThursdayinNewYorkStockExchange.Itsinitialpublicofferingof7.5millionAmericandepositaryshareswaspricedat$15each,toptheexpectedpricingrangeof$11to$13.NewOrientalsoared39percentaftertheirinitialpublicoffering,thebiggestfirst-daygainforanewstocksinceApril.NewOrientalhasgrantedtheunderwritersa30-dayoptiontopurchaseuptoanadditional1.13millionADSs.EachADSrepresentsfourcommonsharesofNewOriental,andsharesbegintradingThursdayontheNewYorkStockExchangeundertheticker"EDU."CreditSuisseSecuritieswasthesoleglobalcoordinatorandactedasjointbook-runnerswithGoldmanSachs.PiperJaffray&Co.actedasaco-managerfortheoffering.NewOrientaloffersEnglishandotherforeign-languageclasses,test-preparationandonlineinstruction.Itruns25schoolsandmorethan110learningcentersconcentratedintheeasternprovincesof.Proceedswillbeusedtodevelopprograms,acquirefacilitiesandrepaydebt,accordingtothefiling.NewOrientalopened10schoolsinthefiscalyearnstoopensixtoeightmoreinfiscal"Privateeducationisjuststartingtotakeoffinandwehopewecanhelp'sgrowth,''ChiefExecutiveOfficerMichaelMingHouYusaidinan中國(guó)最大的民營(yíng)教育服務(wù)機(jī)構(gòu)教育科技本周四在紐約所掛牌上市。通過(guò)首次公開(kāi)招股共750萬(wàn)股存托憑證，每股價(jià)為15，超過(guò)了此前預(yù)期的11至13。首日收盤(pán)價(jià)較之其價(jià)飆升了39％，是今年4月以來(lái)紐交所首日表現(xiàn)最好的新。目前，已賦予承銷商一個(gè)30天的選擇權(quán)，承銷商在30天內(nèi)還可另113萬(wàn)股存托憑證每股存托憑證相當(dāng)于四股普通股，在紐約所的信貸是首次公開(kāi)招股的唯一全球協(xié)調(diào)人，并與高盛投行一起擔(dān)任此次招股的主承銷商。PiperJaffray&Co.投行是此次公開(kāi)招股的副承銷商。的主要課程包括英語(yǔ)及其它外語(yǔ)類課程、備考類課程及教育課程。25110多個(gè)培訓(xùn)中心。據(jù)資料顯示，其收益主要用于開(kāi)發(fā)新項(xiàng)目、購(gòu)置設(shè)施及償還。本財(cái)102007nations,isbeingmadeobsoletebyprivatizationintheThirdWorld.-.Opportunitiesforloanstofinancestateenterprise,thereasonforbeingoftheWorldBankandofothermultilaldevelopmentbanks,will e