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、計(jì)劃等）；想出（主意、計(jì)劃等）；, 構(gòu)想構(gòu)想, 設(shè)想設(shè)想 例：例：You may conceive a new world in the atomic age. 2.懷孕懷孕 例：例：The woman conceived a child. u Humanitarian adj. 人道主義的；博愛的人道主義的；博愛的 n. 人道主義者；慈善家

2、；博愛主義者人道主義者；慈善家；博愛主義者 短語：短語：Humanitarian Award humanitarian assistance Humanitarian protection 例：例：To his local newspaper, he was a great leader and humanitarian. u agenda n. 議程；日常工作事項(xiàng)議程；日常工作事項(xiàng) 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）變得鋒利（使）變得鋒利;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(或技術(shù)、效率等或技術(shù)、效率等) This exercise will help students sharpen up their reading skills. uOverarching adj. 1.首要的首要的;2.總體的總體的 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. 均勻的；同種的，同性質(zhì)的均勻的；同種的，同性質(zhì)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.包括各種學(xué)科的包

5、括各種學(xué)科的,有關(guān)各種學(xué)問的有關(guān)各種學(xué)問的 例：The organization shall use a multidisciplinary approach for developing plant, facility and equipment plans. u Encompass vt. 1.圍繞圍繞;包圍包圍 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） 同義詞：同義詞：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, 同樣的同樣的 Their ages are equal. 2.平等的平等的 All men are equal in the eye of law. 3.勝任的勝任的, 合適的合適的 He doesnt seem equal to meeting our demands. vt.比得上比得上; (質(zhì)量等方面質(zhì)量等方面)趕得上，不次于趕得上，不次于 n. 1.相等的數(shù)量相等的數(shù)量; 2. (地位、實(shí)力等地位、實(shí)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. 名詞：名

8、詞：equality 反義詞：反義詞：inequality 例例:Complaints about corruption and social inequality are also rising u Mainstream n. 1.(思想或行為的思想或行為的)主流主流 例：例：Their views lie outside the mainstream of current economic opinion. u Articulate v. 清晰地發(fā)（音）；明確有力地表達(dá)；用關(guān)節(jié)連接；使相互連貫清晰地發(fā)（音）；明確有力地表達(dá)；用關(guān)節(jié)連接；使相互連貫 adj. 發(fā)音清晰的；口才好的；有關(guān)節(jié)的發(fā)

9、音清晰的；口才好的；有關(guān)節(jié)的 例：Articulate speech is very important. 7 u Array n. 1.展示展示, 陳列陳列, 一系列一系列 He was unable to escape the array of facts. 2.衣服衣服, 服裝服裝 She puts on her finest array. vt. 1.部署兵力部署兵力; 排列排列, 整隊(duì)整隊(duì) They arrayed themselves before the general. 2.打扮打扮, 裝飾裝飾 They arrayed themselves in all their fine

10、ry. u Infrastructure n. 基礎(chǔ)設(shè)施；公共建設(shè)基礎(chǔ)設(shè)施；公共建設(shè) 例：例：To stimulate growth, the government could increase investment in infrastructure. u Inception n. 1.（機(jī)構(gòu)、組織等的）開端，創(chuàng)始，開始，初期（機(jī)構(gòu)、組織等的）開端，創(chuàng)始，開始，初期 例：例：The programme has been successful since its inception. 8 u Pursuant adj. 依據(jù)的；追趕的；隨后的依據(jù)的；追趕的；隨后的 adv. 根據(jù)；依照根據(jù)；依

11、照 短語：短語：pursuant to pursuant to the law 例：The land is priced pursuant to the national lowest stipulation. u Conciliation n. 1.撫慰撫慰,調(diào)節(jié)調(diào)節(jié) 例例:Their attempts at conciliation had failed and both sides were once again in dispute. u Arbitration n. 公斷，仲裁公斷，仲裁 例例: The wage disagreement is under arbitration.

12、uProceedings n. 訴訟訴訟；行動(dòng)（；行動(dòng)（proceeding的復(fù)數(shù)形式）；會(huì)議記錄；議程的復(fù)數(shù)形式）；會(huì)議記錄；議程 短語：短語：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. 欠發(fā)達(dá)國(guó)家的欠發(fā)達(dá)國(guó)家的開發(fā)性金融機(jī)構(gòu)開發(fā)性金融機(jī)構(gòu)向世界銀行融通部分資金并接受世界銀向世界銀行融通部分資金并接受世界銀 行的技術(shù)援助，它們是企業(yè)在欠發(fā)達(dá)國(guó)家行的技術(shù)援助，它們是企業(yè)在欠發(fā)達(dá)國(guó)家銷售商品或提供勞務(wù)銷售商品或提供勞務(wù)的的潛在潛在 的資本來源的資本來源。 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. 世界銀行所收集的有關(guān)一國(guó)或一個(gè)項(xiàng)目的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)狀況財(cái)務(wù)狀況、資金使用資金使用、 經(jīng)營(yíng)能力經(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)可能得到的信等方面的信息，比起一個(gè)私營(yíng)的外

20、國(guó)企業(yè)可能得到的信 息來，會(huì)更為完整和準(zhǔn)確。息來，會(huì)更為完整和準(zhǔn)確。 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. 簽署的；簽約的簽署的；簽約的 n. 簽約國(guó)簽約國(guó)；簽名人；簽名人 譯文：其保險(xiǎn)式的協(xié)議能夠保護(hù)公司在那些與譯文：其保險(xiǎn)式的協(xié)議能夠保護(hù)公司在那些與MIGA締約的欠發(fā)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、戰(zhàn)爭(zhēng)、革達(dá)國(guó)家的新增投資免遭諸如強(qiáng)制征用、貨幣不可兌換、戰(zhàn)爭(zhēng)、革 命、內(nèi)亂等其他非經(jīng)濟(jì)風(fēng)險(xiǎn)的影響命、內(nèi)亂等其他非經(jīng)濟(jì)風(fēng)險(xiǎn)的影響。 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 有關(guān)世界銀行貸款和國(guó)際開發(fā)協(xié)會(huì)信貸相關(guān)采購(gòu)項(xiàng)目的指導(dǎo)意見有關(guān)世界銀行貸款和國(guó)際開發(fā)協(xié)會(huì)信貸相關(guān)采購(gòu)項(xiàng)目的指導(dǎo)意見 Uses of Consultants by the World Bank and Its Borrowers 世界銀行及借款國(guó)參考方法世界銀行及借款國(guó)參考方法 World Bank Atlas of Per Capita Product and Population. 世界銀行人均產(chǎn)值和人口數(shù)量圖表集世界銀行人均產(chǎn)值和人口數(shù)量圖表集 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；受優(yōu)待的；受喜愛的有利的；受優(yōu)待的；受喜愛的v. 贊成；寵愛；贊成；寵愛； 幫助（幫助（favor的過去分詞）；給的過去分詞）；給以恩惠以恩惠 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，商業(yè)財(cái)團(tuán)，企業(yè)聯(lián)合組織辛迪加，商業(yè)財(cái)團(tuán)，企業(yè)聯(lián)

39、合組織 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，股票市場(chǎng)在對(duì)此外，股票市場(chǎng)在對(duì)新興經(jīng)濟(jì)地區(qū)新興經(jīng)濟(jì)地區(qū)新生資本新生資本的的供給和定價(jià)供給和定價(jià)方面正方面正 扮演著日益重要的角色。扮演著日益重要的角色。 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: 縮減，縮少 trim b

46、ack public sectors：精減或改革公共部門 各國(guó)政府，特別是拉美國(guó)家的政府在各國(guó)政府，特別是拉美國(guó)家的政府在改革公共部門改革公共部門的同時(shí)，會(huì)通的同時(shí)，會(huì)通 過過增發(fā)股票增發(fā)股票和向和向外國(guó)資本及流動(dòng)資金外國(guó)資本及流動(dòng)資金開放國(guó)門的方式深化市場(chǎng)。開放國(guó)門的方式深化市場(chǎng)。 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. 注銷債務(wù)注銷債務(wù) Revive: 使使蘇醒，使蘇醒，使復(fù)員復(fù)員 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發(fā)放貸款；給予信貸發(fā)放貸款；給予信貸 雖

49、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)家的貸款項(xiàng)目種類相同，但它的軟貸款與世界銀行的硬投向欠發(fā)達(dá)國(guó)家的貸款項(xiàng)目種類相同，但它的軟貸款與世界銀行的硬 貸款在某些重要的方面有所不同貸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