The World Bank and the International Monetary Fund (IMF) were both created at the 1944 Bretton Woods Conference. The World Bank’s mandate is to lend to developing countries to fund capital programs to alleviate poverty. The IMF, an organisation of almost 200 countries, helps alleviate problems among member countries. Since the onset of the global financial crisis in 2008, the IMF has taken part in rescues of countries such as Greece.
ING Bank backs deal
ING Bank of the Netherlands, through its Tokyo Branch, said it had arranged project financing for a US$30 million Sino-Japanese eel farming and processing joint venture in Jiangsu province.
The venture is in co-operation with the International Finance Corporation (IFC).
IFC will be given a 21.4 per cent stake in the venture, with an equity injection of $3 million.
ING Bank Tokyo Branch provided an initial bridging loan of 700 million yen (about HK$52.4 million) for the project.
The eel farming project will be taken up by the IFC as an A loan.
The branch will lead manage the syndication of a further 900 million yen as a B loan among a group of international financial institutions and it will provide interest rate protection.