金融英语及听力unit19the world bank企业应该了解组织的活动呢其一许多是融资项目

金融英语资料金融英语资料金融英语资金融英语资料Unit19Theworld提供部分融资和技术的不发达国家的开发金融机构是这些国家中商品和劳务的潜在来源。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:以下几个原因说明了为什么企业应当了解世界银行的业务活动：Manycompaniesarerstoborrowersingroup-financedprojects,andtheseborrowersspendbillionsofdollarseachyearbuyinggoodsandservicesfrombusinesses.许多公业商品和劳务。Thedevelopmentfinanceinstitutionsdiscussedbelow)inLDCswhicharepartlyfinancedandtechnicallyassistedbythegroup,arepotentialcapitalsourcesforbusinessessellingorworkinginLDCs.欠发达国家的开发性金融机构向世界银行融通部分并接受世界银行的技术援LDClessdevelopedcountriesTheWorldBank'scenterforarbitrationmaybeabletoresolvedifficultiesencounteredbybusinessinaforeigncountry.世界银行的仲裁中心会有助于企业解决在国外所的难题。Projectsfinancedbythegrouptendtobemutuallysupportive(forexample,generalbenefitsresultingfromimprovedinfrastructureandbettereconomicresourceinventories).世界银Theinformationthatthegroupgathersaboutanation'soraproject'sfinancesusesoffunds,managementabilities,andsoforthtendstobemorecompleteandaccuratethantheinformationlikelytobeavailabletoaprivate,foreignbusiness.世界银行所收集的有关一国或一个项目的财务状况使用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息来，TheMultilalInvestmentGuaranteeAgency(MIGA)wassetupasaWorldBankaffiliatein1988.多边投资担保(MIGA)作为世界银行的一个附属机构于1988年成立Itsinsurance-typeagreementswillprotectcompaniesagainstexpropriation,currencyinconvertibility,wars,revolutionsorcivildisturbances,andother mercialriskstotheirnewinvestmentsinLDCsthataresignatoriestotheMIGAcharter.Inthissentence,Itsinsurance-typeagreements是指多边投资担保(MIGA)的式的协议willprotectcompaniesagainst能够保护公司…的影响，expropriationcurrencyinconvertibility货币不可兑换、wars、revolutions、civildisturbances,内乱othermercialrisks等其他非经济风险。那么使得公司在哪的投资免遭影响呢？totheirnewinvestmentsinLDCsthataresignatoriestotheMIGAcharter.译文：其式的协议能够保护公司在那些与MIGA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、、、内乱等其他非经济风险的影响。MIGAhas$780millioninsubscribedcapitalandbeganwritingagreementsin1990.多边投资担保拥有7．8亿的资本，并从1990年开始签署合同。HardLoansMadebytheWorldHardTheWorldBankmakeshardloans.Thismeansitsloansareatprevailingmarketinterestandaregrantedonlytosoundborrowersforperiodsnotexceeding25years.TheBankmustmakerelativelysafeloanswithhighassuranceofrepaymentbecauseitsownfundsareacquiredthroughthesaleofsecuritiesofferingsthatmustcompetewithernmentandprivatebusinessofferingsofallsorts.InvestorswouldnotbuyWorldBanksecuritiesateconomicalinterestratesiftheyfeltthattheBank'sloanswereinsecure.becausetheBankmustrepaythebuyersofitssecuritiesoutofproceedsandprofitsonitsloans.HardLoansTheWorldBankmakeshardloans.世界银行硬Thismeansitsloansareatprevailingmarketinterestratesandaregrantedonlytosoundborrowersforperiodsnotexceeding25years.，指的是这种使用普遍的市场利率，只授予信誉良好的借款人并且期限不超过25年。TheBankmustmakerelativelysafeloanswithhighassuranceofrepaymentbecauseitsownfundsareacquiredthroughthesaleofsecuritiesofferingsthatmustcompetewithernmentandprivatebusinessofferingsofallsorts.世界银行必须有高还款保证的相对安全的，因为它是通过获得自有的而其的又必须与各种和私人企业的相loanswereinsecure.becausetheBankmustrepaythebuyersofitssecuritiesoutofproceedsandprofitsonitsloans.投资者如果感到世界银行的不够安全，他们就不会以平均利率它的这意味着世界银行必须向其的者偿还的金额超过了其所能获得的Todate,therehavebeennodefaultsonloansmadebytheWorldBank,anditsbondscarrythehighestqualityratingavailable,thatis,AAA.TheWorldBankhasoperatedataprofiteveryyearsince1947.ThatprofithasbeenusedtomakeadditionalloansandtofurnishfundsfortheIDATodate,therehavebeennodefaultsonloansmadebytheWorldBank,anditsbondscarrythehighestqualityratingavailable,thatis,AAA.直至今日，世界银行所的还没有出现过违约的情况，它的债券也一直拥有最高的质量等级——AAA级。TheWorldBankhasoperatedataprofiteveryyearsince1947.ThatprofithasbeenusedtomakeadditionalloansandtofurnishfundsfortheIDA,1947年以来，世界银行每年的经营都有盈利，这部分利润用于的以及充实国际开发的基金，AlthoughnoWorldBankloanshavebeenofficiallydeclaredtobeindefault,somecountrieshavebeenunabletomakepaymentswhencalledforbytheoriginalloanterms.TheBankhasrescheduledmanyofthoseloans,givingthedebtorcountriesmoretimetorepaythem;however,itisquitepossiblethatunlesseconomicconditionsimprovefordebtorLDCs,someWorldBankloanswillhavetobereorganizedasindefault.AlthoughnoWorldBankloanshavebeenofficiallydeclaredtobeindefault,somecountrieshavebeenunabletomakepaymentswhencalledforbytheoriginalloanterms.尽管世界银行从未官howeveritisquitepossiblethatunlesseconomicconditionsimprovefordebtorLDCssomeWorldBankloanswillhavetobereorganizedasindefault.然而除非借贷的欠发达国家经济状况确实好转，否则世界银行的一些最终很有可能不得违约资产进行重组。BusinessOpportunitiesandInformationforbusinessestoselltheirproductsandservicestotheborrowers.InternationalcompetitivebiddingisaBankrequirement.However,althoughtheBankannouncesthesigningofeachloan,itdoesnotinvitebidsortendersfrompotentialrstothefinancedprojects.Suchinvitationsaretheresponsibilityoftheernmentoragencyexecutingtheproject.Thus,a desiringtoselltoaprojectmustwatchfortheloanannouncementsandthencontactappropriateofficialsintheborrowingcountryoratthatcountry'sembassyinitsowncountry.BusinessOpportunitiesandInformationSources业务机会和信息资ThebillionsofdollarsandothercurrencieslentbytheWorldBankcreatemanyopportunitiesforbusinessestoselltheirproductsandservicestotheborrowers.世界银行贷出的数以亿计的和其他货币为企业向借款人商品和劳务提供了大量机遇。InternationalcompetitivebiddingisaBankrequirement.国际竞标是世界银行所要求的一项条However,althoughtheBankannouncesthesigningofeachloan,itdoesnotinvitebidsortendersfrompotentialrstothefinancedprojects.然而，尽管它每笔都有必要签署竞标协议，但它自己并不向潜在的供应商发出项目的投标邀请Suchinvitationsaretheresponsibilityoftheernmentoragencyexecutingtheproject.发出这Thus, desiringtoselltoaprojectmustwatchfortheloanannouncementsandcontact?appropriateofficialsintheborrowingcountryoratthatcountry'sembassyinits应或该国在公司本国的大使馆取得联系。Quiteevidently,thatprocedureposesdifficultiesforfirms,particularlysmallerones,whichwouldliketoselltheirproductsorservicestoaBank-financedproject.Inrecognitionofthis,theUNbeganin1978tofurnishprocurementinformation.TheUNCenterforEconomicandSocialInformationinGenevapublishesDevelopmentForumBusinessEdition,abiweeklynewspaperthatgivesdetailsofallmajorbusinessopportunitiesopenedbyWorldBankloans.Thenewspaperpublishesrequirementsforeachprojectandinstructionsonhowtobidforthebusiness.liketoselltheirproductsorservicestoaBank-financedproject.很明显，这一过程给那些想要Inrecognitionofthis,theUNbeganin1978tofurnishprocurementinformation.在认识到这一点之后，从1978年开始提供采购信息Furnish:TheUNCenterforEconomicandSocialInformationinGenevapublishesDevelopmentForumBusinessEdition,abiweeklynewspaperthatgivesdetailsofallmajorbusinessopportunitiesopenedbyWorldBankloans.设在日内瓦的经济社会信息中心一份双周报——《发展论ThenewspaperpublishesrequirementsforeachprojectandinstructionsonhowtobidfortheAmongWorldBankreportsandpublicationsthatcanbehelpfultobusinessandstudentsareitsAnnualReport,StatementofLoans(quarterly),GuidelinesRelatingtoProcurementunderWorldBankLoansandIDACredits,UsesofConsultantsbytheWorldBankandItsBorrowers,andWorldBankAtlasofPerCapitaProductandPopulation.AlsoavailablearereportsoftheWorldBank'svariousGeneralSurveyMissionsregardingcertaincountriesorareas.AmongWorldBankreportsandpublicationsthatcanbehelpfultobusinessandstudentsareitsAnnualReport,StatementofLoans(quarterly),GuidelinesRelatingtoProcurementunderWorldBankLoansandIDACreditsUsesofConsultantsbytheWorldBankandItsBorrowersandWorldBankAtlasofPerCapitaProductandPopulation.在世界银行的报告和物中，可能对企业和学生们有所帮助的包括《年报《报表》(季度)《有关世界银行和国际开发AlsoavailablearereportsoftheWorldBank'svariousGeneralSurveyMissionsregardingcertaincountriesorareas.此外还有世界银行关于特定国家和地区的各种总体回顾报告。InternationalFinanceTheInternationalFinanceCorporation(IFC)istheWorldBankGroup'sinvestmentbanker.ItssphereisexclusivelyprivateriskventuresintheLDCs.ThepurposeoftheIFCistofurthereconomicdevelopmentbyencouragingthegrowthofproductiveenterpriseinmember-countries,thussupplementingtheactivitiesoftheWorldBank.InternationalFinanceCorporation(IFC)国际金融公司TheInternationalFinanceCorporation(IFC)istheWorldBankGroup'sinvestmentItssphereisexclusivelyprivateriskventuresintheLDCs.国际金融公司(IFC)是世界银行ThepurposeoftheIFCistofurthereconomicdevelopmentbyencouragingthegrowthofproductiveenterpriseinmember-countriesthussupplementingtheactivitiesoftheWorldBank.国际金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.国际金融公司的政ThisisnottosaythattheIFCwillnotcooperatewithcapitalsourcesoutsidethehostcountrythecountryinwhichtheinvestmentisbeingmadeandtherearemanyexamplesofsuchcooperation.Amongtheindustriesthuscapitalizedhavebeenfertilizers,syntheticfibers,tourism,paper,andcottonfabric.目前已经投资的产业包括：化肥、合成纤维、旅游、造纸、棉纺。Theoutsidecapitalsources,ifinrelatedlinesofbusiness,areusuallyinternationalcompaniesAfewICsthathavecooperatedwiththeIFChavebeenPhillipsPetroleumAKVNetherlands,ICI,IntercontinentalHos,andPechiney-Gobain.，一些曾与国际金融公司合作过的公司包括石油、荷兰AKV、化学工业公司、洲际大酒店和内一戈班。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).作为投资于公司的回报，国际金融公司以(所有权)或券(企业债)的形式持有OneobjectiveoftheIFCistosellitssecuritiesintoalocalcapitalmarket.国际金融公司的一项Todothatitwillhelpcreateandnurturesuchamarket.为了做到这一点，它会帮助建立并培育ForexampletheIFCextendeda$5millioncreditlinetoasyndicateofprivateBrazilianinvestmentbankstoprovidesupportforthosebanks'securitiesunderwritingactivities.例如，国际金融公司为一个巴西私人投资银行财团提供500万的额度，为它们的承销业务提供支Syndicate:加，商业财团，企业联合组asyndicateofprivateBrazilianinvestmentbanksThebanksworkwitharevolvingcapitalmarketdevelopmentfundmaintainedbytheBraziliancentralbank.这些投资银行与一家由巴西经营的循环式资本市场发展基金合作。Theobjectivesare(1)toinducetheinvestmentbankstoassumeagreaterroleinunderwritingBraziliansecuritiesinBrazil,国际金融公司的任务是：引导投资银行在承销巴西本国中(2)toimprovetheaccessofBraziliancompaniestolong-termdomesticsourcecapital,促进巴西and3toencourageBrazilianstoinvestinsounddomesticsecurities.鼓励巴西投资者投资于信誉优良的本国。LiaisonwithdevelopmentfinanceTheIFCistheliaisonwithintheWorldBankGroupforthenumerousdevelopmentfinancecompanies(DFCs)--sometimescalleddevelopmentbanks,asinEcuador--thathavesprungup,primarilyintheLDCs.EachDFCseekspotentiallyprofitableventureswithinitscountryandassistswithfeasibilitystudies.Ifaventureproceeds,theDFChelpsalongthewaywithadviceonnt,property,financing,management,orequipment.Finally,theDFCattemptstoestablishorenlargeadomesticcapitalmarketforsecuritiesoftheventure.Liaisonwithdevelopmentfinancecompanies.与开发性金融公司的联络TheIFCistheliaisonwithintheWorldBankGroupforthenumerousdevelopmentfinancecompanies(DFCs)--sometimescalleddevelopmentbanks,asinEcuador--thathavesprungup,primarilyintheLDCs.国际金融公司是世界银行与众多主要在欠发达国家兴起的开发性EachDFCseekspotentiallyprofitableventureswithinitscountryandassistswithfeasibilitystudies.每家开发性金融公司都在本国寻觅有潜在能力的企业并协助进行可行性研究。Ifaventureproceeds,theDFChelpsalongthewaywithadviceonnt,property,financing,managementorequipment.如果企业能够维持下去，开发性金融公司会一直帮助在厂房、不Finally,theDFCattemptstoestablishorenlargeadomesticcapitalmarketforsecuritiesoftheventure.最后，开发性金融公司会努力建立或扩张本国资本市场以容纳该企业的。ThankstotheIFC,investorsfrombothpoorandrichcountriescannowbuyandsellsecurities(stocksandbonds)ofcompaniesoperatinginthedevelocountriesthroughfundstradedontheNewYorkorLondonstockexchanges.Inaddition,stockmarketsareyinganincreasingpartinsupplyingandpricingfreshcapitalinemergingeconomies.Duringthe1980s,thecombinedcapitalizationofthe20largestemergingmarketsgrewsevenfold.Bythestartof1991,turnoverinthesemarketswasnearly40timesthe1980figure.Moreling,theaveragecapitalizationofthesemarketsasapercentageoflocalGDProseto32percentby1990,comparedto6percentin1980.ThankstotheIFC,investorsfrombothpoorandrichcountriescannowbuyandsellsecurities(stocksandbonds)ofcompaniesoperatinginthedevelocountriesthroughfundstradedontheNewYorkorLondonstockexchanges.才能通过在纽约或伦敦所的基金那些在发展中国家开展经营活动的公司的(包括和债券)。Inaddition,stockmarketsareyinganincreasingpartinsupplyingandpricingfreshcapitalinemergingeconomies.此外市场在对新兴经济地区新生资本的供给和定价方面正扮演着Duringthe1980s,thecombinedcapitalizationofthe20largestemergingmarketsgrew2080年代间，207倍Bythestartof1991,turnoverinthesemarketswasnearly40timesthe1980figure.1991年初，这些市场的总额几乎是1980年数字的40倍；Moreling,theaveragecapitalizationofthesemarketsasapercentageoflocalGDProseto32percentby1990,comparedto6percentin1980.更显著的是，这些市场的平均资本总额占当地19806199032％。TheThirdWorld'sgrowingtrendtowardsprivatizationwillhelpitsstockmarkets.Asernments,especiallyinLatinAmerica,trimbackpublicsectors,theywilldeepentheirwithextrastockandopenthemtoforeigncapitalandTheThirdWorld'sgrowingtrendtowardsprivatizationwillhelpitsstockmarkets.第三世界向着发展的趋势会有助于其市场的成长。Asernments,especiallyinLatinAmerica,trimbackpublicsectors,theywilldeepentheirmarketswithextrastockandopenthemtoforeigncapitalandliquidity.各国，特别是拉家的在公共部门的同时会通过增发和向外国资本及流动开放国门的方式Trim:Trimback:tomakesomethingshorterorsmaller:trimbackpublicsectors：精减或公共部LiketheWorldBank,theIFCisreluctanttoadmitdefaultofaloanorfailureofaninvestmentandhasrescheduledsomeloans.UnliketheWorldBank,however,theIFChaswrittenoffafewinvestmentsthatitjudgedcouldnotberevived.LiketheWorldBank,theIFCisreluctanttoadmitdefaultofaloanorfailureofaninvestmentandhasrescheduledsomeloans.像世界银行一样，国际金融公司也不情愿承认违约或投资失UnliketheWorldBank,howevertheIFChaswrittenoffafewinvestmentsthatitjudgedcouldnotberevived.然而与世界银行不同的是，国际金融公司曾经注销过一些能够断定无法挽回的投Writeoffofficiallysaythatsomeonedoesnothavetopaythedebt.注销Revive:使…苏醒，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.国际开发是世界银行“软”(国际开发也称作“信贷，)的部门，AlthoughitsharestheBank'sadministrativestaffandgrantscreditsforprojectscoveringthesamesortsofprojectsintheLDCsastheBank'sloans,itssoftloansdifferfromthe"hard"loansofthebankinseveralimportantways.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项目种类相同但它的软与世界银行的硬在某些重Theyhaveupto40-yearmaturities,comparedto15and25-yearmaturitiesoftheBank.其期限可高达40年，而相比之下世界银行只有15年与25年。TheIDAmaygrant10-yeargraceperiodsbeforerepaymentofprincipalorinterestmustbegin,whereasthegraceperiodsoftheWorldBankusuallydonotexceed5years.国际开发可以在10年的宽限期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.国际开发对已支出的余额仅收3／4个百Disburse:topayoutmoney,especiallyfromalargesumthatisavailableforaspecialpurpose从一大笔中，拿出钱来支付AsisevidentfromthesedifferencesborrowersfromtheIDAarethepoorestofthepoorLDCs,whichneedcreditfordevelopmentprojectsbutcannotcarrytheburdenontheireconomiesorforeignexchangereservepositionsthatwouldresultfromnormalcommercialtermloans.从这些急需信贷用于开发项目而其经济状况或外汇储备又无法承担普通条款商业赋予的DeterminationofwhichcountriesqualifyaspoorenoughforIDAcreditsisbasedonpercapitaes.认定哪些国家足以贫穷到有资格获取国际开发的信贷取决于人均收入的多Thehistoriceligibilityceilingis$940butscarcityofresourceshaslonglimitedaccesstoIDAfundstocountrieswithpercapita eslessthan$580.，历史上的最高合格线是940，但长期以来的匮乏将能够获得国际开发基金的国家的人均收入限制在了580以下，Thisisreferredtoasthe"operationalcutoff"forIDAeligibility.这便是常提及的国际开发合Eligible:合格的，有资格的Anyoneovertheageof18iseligibletovote.18岁就有了Eligibility:Totheumextentpossible,thecreditsaremadeinthecurrencyoftheborrowingmember-country.这种在尽可能最大的程度上以借款成员国的本币形式。IDAcapitalUnliketheWorldBank,theIDAcannotraisecapitalincompetitiveCapitalmarketsanddependsinsteadonsubscriptionsdonatedbytheDCsandsomeLDCs.Generally,theDCmembersmakecontributionsinconvertiblecurrencies;theLDCmembersdonatetheirowncurrencies.IDAcapitalsources.国际开发的资本来UnliketheWorldBank,theIDAcannotraisecapitalincompetitiveCapitalmarketsanddependsinsteadonsubscriptionsdonatedbytheDCsandsomeLDCs.不同于世界银行，国际开发无法从竞争的资本市场上筹金取而代之它依靠的是发达国家和一些欠发达国家捐赠的GenerallytheDCmembersmakecontributionsinconvertiblecurrencies;总体上，发达的成员国theLDCmembersdonatetheirowncurrencies.IDAresourcesarerenewedperiodicallybyaprocesscalled"replenishment",supportingnationsdonatemoney.In1990,theNinthReplenishmentAgreementcalledformemberdonorcontributionsofSDR11.68billion($15.3billionattheJuly15,]991,exchangerate)overthethree-yearperiodofthe1991-1993fiscalyears.IDAresourcesarerenewedperiodicallybyaprocesscalled"replenishment",wherebysupportingnationsdonatemoney.国际开发的通过一个名为“再充实”的过程定期更新，在此In1990,theNinthReplenishmentAgreementcalledformemberdonorcontributionsofSDR11.68billion($15.3billionattheJuly15,]991,exchangerate)overthethree-yearperiodofthe1991-1993fiscalyears.19909次再充实协议号召各捐赠国在。3时间里贡献出116．8亿个特别提款权(按1991年7月15日的汇率相当于153亿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中国最大的民营教育服务机构教育科技本周四在纽约所挂牌上市。通过首次公开招股共750万股存托凭证，每股价为15，超过了此前预期的11至13。首日收盘价较之其价飙升了39％，是今年4月以来纽交所首日表现最好的新。目前，已赋予承销商一个30天的选择权，承销商在30天内还可另113万股存托凭证每股存托凭证相当于四股普通股，在纽约所的信贷是首次公开招股的唯一全球协调人，并与高盛投行一起担任此次招股的主承销商。PiperJaffray&Co.投行是此次公开招股的副承销商。的主要课程包括英语及其它外语类课程、备考类课程及教育课程。25110多个培训中心。据资料显示，其收益主要用于开发新项目、购置设施及偿还。本财102007nations,isbeingmadeobsoletebyprivatizationintheThirdWorld.-.Opportunitiesforloanstofinancestateenterprise,thereasonforbeingoftheWorldBankandofothermultilaldevelopmentbanks,will e