Unit 7 The world bank

1、1 Unit 7 The world bank 2 Learning Objectives The Development History Importance to Business IFC and IDA 3 u Conceive v.1.想出（主意、计划等）；想出（主意、计划等）；, 构想构想, 设想设想 例：例：You may conceive a new world in the atomic age. 2.怀孕怀孕 例：例：The woman conceived a child. u Humanitarian adj. 人道主义的；博爱的人道主义的；博爱的 n. 人道主义者；慈善家

2、；博爱主义者人道主义者；慈善家；博爱主义者 短语：短语：Humanitarian Award humanitarian assistance Humanitarian protection 例：例：To his local newspaper, he was a great leader and humanitarian. u agenda n. 议程；日常工作事项议程；日常工作事项 例：例：The agendas for the next two meetings have yet to be worked out. vNew Words, Phrases and Special Terms

3、 4 uSharpen v. 1.（使）变得锋利（使）变得锋利;削尖削尖, 磨快磨快 Knives can be sharpened by grinding them against a rough stone. 2.提高某人提高某人(或事物或事物)的水平的水平(或技术、效率等或技术、效率等) This exercise will help students sharpen up their reading skills. uOverarching adj. 1.首要的首要的;2.总体的总体的 例：例：Our overarching goal was to save an economy th

4、at was near the abyss, where depression looked like a real possibility, he says. uhomogeneous adj. 均匀的；同种的，同性质的均匀的；同种的，同性质的 例例:Not only is Americas market the largest, but that market is homogeneous: a firm that works in one state can probably work in any other. 5 u Multidisciplinary adj. 1.包括各种学科的包

5、括各种学科的,有关各种学问的有关各种学问的 例：The organization shall use a multidisciplinary approach for developing plant, facility and equipment plans. u Encompass vt. 1.围绕围绕;包围包围 例例:The atmosphere encompass the earth. 2. 包含，包括，涉及（大量事物）包含，包括，涉及（大量事物） 例：例：Through deals with publishers, Google hopes to extend this approa

6、ch to encompass new books, which have far greater commercial potential. u Equitable n. 1.公正公正,合理合理 adj./adv. 1.公正的（地）公正的（地）,合理的（地）合理的（地） 同义词：同义词：Judicial, fair, just, impartial 例：例：He should have added that the role of government is also to ensure wealths fair and equitable distribution. 6 u Equal a

7、dj. 1.相等的相等的, 同样的同样的 Their ages are equal. 2.平等的平等的 All men are equal in the eye of law. 3.胜任的胜任的, 合适的合适的 He doesnt seem equal to meeting our demands. vt.比得上比得上; (质量等方面质量等方面)赶得上，不次于赶得上，不次于 n. 1.相等的数量相等的数量; 2. (地位、实力等地位、实力等)相同的人，相等的人相同的人，相等的人 The government should regard nationalities as equals. 名词：名

8、词：equality 反义词：反义词：inequality 例例:Complaints about corruption and social inequality are also rising u Mainstream n. 1.(思想或行为的思想或行为的)主流主流 例：例：Their views lie outside the mainstream of current economic opinion. u Articulate v. 清晰地发（音）；明确有力地表达；用关节连接；使相互连贯清晰地发（音）；明确有力地表达；用关节连接；使相互连贯 adj. 发音清晰的；口才好的；有关节的发

9、音清晰的；口才好的；有关节的 例：Articulate speech is very important. 7 u Array n. 1.展示展示, 陈列陈列, 一系列一系列 He was unable to escape the array of facts. 2.衣服衣服, 服装服装 She puts on her finest array. vt. 1.部署兵力部署兵力; 排列排列, 整队整队 They arrayed themselves before the general. 2.打扮打扮, 装饰装饰 They arrayed themselves in all their fine

10、ry. u Infrastructure n. 基础设施；公共建设基础设施；公共建设 例：例：To stimulate growth, the government could increase investment in infrastructure. u Inception n. 1.（机构、组织等的）开端，创始，开始，初期（机构、组织等的）开端，创始，开始，初期 例：例：The programme has been successful since its inception. 8 u Pursuant adj. 依据的；追赶的；随后的依据的；追赶的；随后的 adv. 根据；依照根据；依

11、照 短语：短语：pursuant to pursuant to the law 例：The land is priced pursuant to the national lowest stipulation. u Conciliation n. 1.抚慰抚慰,调节调节 例例:Their attempts at conciliation had failed and both sides were once again in dispute. u Arbitration n. 公断，仲裁公断，仲裁 例例: The wage disagreement is under arbitration.

12、uProceedings n. 诉讼诉讼；行动（；行动（proceeding的复数形式）；会议记录；议程的复数形式）；会议记录；议程 短语：短语：criminal proceedings bankruptcy proceedings 9 n Conceived during World War at Bretton Woods, New Hampshire, the World Bank initially helped rebuild Europe after the war. n Reconstruction has remained an important focus of the B

13、anks work. Today Bank, however, has sharpened its focus on poverty reduction as the overarching goal of all its work. n It once had a homogeneous staff of engineers and financial analysts, based solely in Washington, D.C. Today, it has a multidisciplinary and diverse staff including economists, publ

14、ic policy experts, sectoral experts, and social scientists. The Development History 10 n The bank itself is bigger, broader, and far more complex. It has become a group, encompassing five closely associated development institutions: the International Bank for Reconstruction and Development (IBRD) th

15、e International Development Association (IDA) the International Finance Corporation (IFC) the Multilateral Investment Guarantee Agency (MIGA) the International Centre for Settlement of Investment Disputes (ICSID). 11 There are a number of reasons why business should be aware of the World Bank Groups

16、 activities : Many companies are suppliers to borrowers in group-financed projects, and these borrowers spend billions of dollars each year buying goods and services from businesses. 2. The development finance institutions (discussed below) in LDCs, which are partly financed and technically assisted

17、 by the group, are potential capital sources for businesses selling or working in LDCs. 欠发达国家的欠发达国家的开发性金融机构开发性金融机构向世界银行融通部分资金并接受世界银向世界银行融通部分资金并接受世界银 行的技术援助，它们是企业在欠发达国家行的技术援助，它们是企业在欠发达国家销售商品或提供劳务销售商品或提供劳务的的潜在潜在 的资本来源的资本来源。 3. The World Banks center for arbitration may be able to resolve difficulties

18、encountered by business in a foreign country. Importance to Business 12 4. Projects financed by the group tend to be mutually supportive (for example, general benefits resulting from improved infrastructure, and better economic resource inventories). 5. The information that the group gathers about a

19、 nations or a projects finances, uses of funds, management abilities, and so forth tends to be more complete and accurate than the information likely to be available to a private, foreign business. 世界银行所收集的有关一国或一个项目的世界银行所收集的有关一国或一个项目的财务状况财务状况、资金使用资金使用、 经营能力经营能力等方面的信息，比起一个私营的外国企业可能得到的信等方面的信息，比起一个私营的外

20、国企业可能得到的信 息来，会更为完整和准确。息来，会更为完整和准确。 13 6. The Multilateral Investment Guarantee Agency (MIGA) was set up as a World Bank affiliate in 1988. Its insurance-type agreements will protect companies against expropriation, currency inconvertibility, wars, revolutions or civil disturbances, and other noncomm

21、ercial risks to their new investments in LDCs that are signatories to the MIGA charter. 注：注：signatory adj. 签署的；签约的签署的；签约的 n. 签约国签约国；签名人；签名人 译文：其保险式的协议能够保护公司在那些与译文：其保险式的协议能够保护公司在那些与MIGA缔约的欠发缔约的欠发 达国家的新增投资免遭诸如强制征用、货币不可兑换、战争、革达国家的新增投资免遭诸如强制征用、货币不可兑换、战争、革 命、内乱等其他非经济风险的影响命、内乱等其他非经济风险的影响。 MIGA has $780 mi

22、llion in subscribed capital and began writing insurance agreements in 1990. 14 7.Hard Loans Made by the World Bank Hard Loans n The World Bank makes hard loans. This means its loans are at prevailing market interest rates and are granted only to sound borrowers for periods not exceeding 25 years. 15

23、 Question: Why the Bank must make relatively safe loans with high assurance of repayment? Because its own funds are acquired through the sale of securities offerings that must compete with government and private business offerings of all sorts. Investors would not buy World Bank securities at econom

24、ical interest rates if they felt that the Banks loans were insecure. because the Bank must repay the buyers of its securities out of proceeds and profits on its loans. 16 To date, there have been no defaults on loans made by the World Bank, and its bonds carry the highest quality rating available, t

25、hat is, AAA. The World Bank has operated at a profit every year since 1947. That profit has been used to make additional loans and to furnish funds for the IDA. Although no World Bank loans have been officially declared to be in default, some countries have been unable to make payments when called f

26、or by the original loan terms. The Bank has rescheduled many of those loans, giving the debtor countries more time to repay them; however, it is quite possible that unless economic conditions improve for debtor LDCs, some World Bank loans will have to be reorganized as in default. 17 8.Business Oppo

27、rtunities and Information Sources n The billions of dollars and other currencies lent by the World Bank create many opportunities for businesses to sell their products and services to the borrowers. n International competitive bidding is a Bank requirement. n However, although the Bank announces the

28、 signing of each loan, it does not invite bids or tenders from potential suppliers to the financed projects. n Such invitations are the responsibility of the government or agency executing the project. 18 n Thus, a company desiring to sell to a project must watch for the loan announcements and then

29、contact appropriate officials in the borrowing country or at that countrys embassy in its own country. n Quite evidently, that procedure poses difficulties for firms, particularly smaller ones, which would like to sell their products or services to a Bank-financed project. 19 n In recognition of thi

30、s, the UN began in 1978 to furnish procurement information. n The UN Center for Economic and Social Information in Geneva publishes Development Forum Business Edition, a biweekly newspaper that gives details of all major business opportunities opened by World Bank loans. n The newspaper publishes re

31、quirements for each project and instructions on how to bid for the business. 20 World Bank reports and publications n Among World Bank reports and publications that can be helpful to business and students are its Annual Report Statement of Loans (quarterly) Guidelines Relating to Procurement under W

32、orld Bank Loans and IDA Credit 有关世界银行贷款和国际开发协会信贷相关采购项目的指导意见有关世界银行贷款和国际开发协会信贷相关采购项目的指导意见 Uses of Consultants by the World Bank and Its Borrowers 世界银行及借款国参考方法世界银行及借款国参考方法 World Bank Atlas of Per Capita Product and Population. 世界银行人均产值和人口数量图表集世界银行人均产值和人口数量图表集 n Also available are reports of the World B

33、anks various General Survey Missions regarding certain countries or areas. 21 The International Finance Corporation (IFC) n It is the World Bank Groups investment banker. n Its sphere is exclusively private risk ventures in the LDCs. n The Purpose of the IFC To further economic development by encour

34、aging the growth of productive enterprise in member-countries, thus supplementing the activities of the World Bank. IFC and IDA 22 n Joint ventures favored 注注：favored adj. 有利的；受优待的；受喜爱的有利的；受优待的；受喜爱的v. 赞成；宠爱；赞成；宠爱； 帮助（帮助（favor的过去分词）；给的过去分词）；给以恩惠以恩惠 The IFCs policy is to favor joint ventures that have

35、 some local capital committed at the outset, or at least the probability of local capital involvement in the foreseeable future. This is not to say that the IFC will not cooperate with capital sources outside the host country (the country in which the investment is being made), and there are many ex

36、amples of such cooperation. 23 Investment in Key Industries synthetic fibers cotton fabric fertilizers tourism paper 24 The outside capital sources, if in related lines of business, are usually international companies (ICs). Example: A few ICs that have cooperated with the IFC have been Phillips Pet

37、roleum, AKV Netherlands, ICI, Inter continental Hotels, and Pechiney-Gobain. 25 nCreation of local capital markets In return for its investment in a company, the IFC takes securities in the form of stock (equity ownership) or bonds (debt). One objective of the IFC is to sell its securities into a lo

38、cal capital market. To do that, it will help create and nurture such a market. For example, the IFC extended a $ 5 million credit line to a syndicate of private Brazilian investment banks to provide support for those banks securities underwriting activities. 注注:Syndicate: 辛迪加，商业财团，企业联合组织辛迪加，商业财团，企业联

39、合组织 26 The objectives are: to induce the investment banks to assume a greater role in underwriting Brazilian securities in Brazil to improve the access of Brazilian companies to long- term domestic source capital, to encourage Brazilians to invest in sound domestic securities. 27 nLiaison with devel

40、opment finance companies The IFC is the liaison within the World Bank Group for the numerous development finance companies (DFCs) - sometimes called development banks, as in Ecuador-that have sprung up, primarily in the LDCs. Each DFC seeks potentially profitable ventures within its country and assi

41、sts with feasibility studies. If a venture proceeds, the DFC helps along the way with advice on plant, property, financing, management, or equipment. Finally, the DFC attempts to establish or enlarge a domestic capital market for securities of the venture. 28 Thanks to the IFC, investors from both p

42、oor and rich countries can now buy and sell securities (stocks and bonds) of companies operating in the developing countries through funds traded on the New York or London stock exchanges. In addition, stock markets are playing an increasing part in supplying and pricing fresh capital in emerging ec

43、onomies. 此外，股票市场在对此外，股票市场在对新兴经济地区新兴经济地区新生资本新生资本的的供给和定价供给和定价方面正方面正 扮演着日益重要的角色。扮演着日益重要的角色。 During the 1980s, the combined capitalization of the 20 largest emerging markets grew sevenfold. 29 By the start of 1991, turnover in these markets was nearly 40 times the 1980 figure. More telling, the average

44、capitalization of these markets as a percentage of local GDP rose to 32 percent by 1990, compared to 6 percent in 1980. 30 The Third Worlds growing trend towards privatization will help its stock markets. As governments, especially in Latin America, trim back public sectors, they will deepen their m

45、arkets with extra stock and open them to foreign capital and liquidity. As governments, especially in Latin America, trim back public sectors, they will deepen their markets with extra stock and open them to foreign capital and liquidity. Trim back: to make something shorter or smaller: 缩减，缩少 trim b

46、ack public sectors：精减或改革公共部门 各国政府，特别是拉美国家的政府在各国政府，特别是拉美国家的政府在改革公共部门改革公共部门的同时，会通的同时，会通 过过增发股票增发股票和向和向外国资本及流动资金外国资本及流动资金开放国门的方式深化市场。开放国门的方式深化市场。 31 Like the World Bank, the IFC is reluctant to admit default of a loan or failure of an investment and has rescheduled some loans. Unlike the World Bank, ho

47、wever, the IFC has written off a few investments that it judged could not be revived. 注：注： Write off: officially say that someone does not have to pay the debt. 注销债务注销债务 Revive: 使使苏醒，使苏醒，使复员复员 32 International Development Association (IDA) n The IDA is the soft loan (or credit, as an IDA loan is cal

48、led) section of the World Bank. Although it shares the Banks administrative staff and grants credits for projects covering the same sorts of projects in the LDCs as the Banks loans, its soft loans differ from the hard loans of the bank in several important ways. 注注：grants credits发放贷款；给予信贷发放贷款；给予信贷 虽

49、然它与世界银行共用行政人员，其信贷投向的项目范围与世界银行虽然它与世界银行共用行政人员，其信贷投向的项目范围与世界银行 投向欠发达国家的贷款项目种类相同，但它的软贷款与世界银行的硬投向欠发达国家的贷款项目种类相同，但它的软贷款与世界银行的硬 贷款在某些重要的方面有所不同贷款在某些重要的方面有所不同。 They have up to 40-year maturities, compared to 15 and 25- year maturities of the Bank. 33 The IDA may grant 10-year grace periods before repayment of principal or interest must begin, whereas the grace periods of the World