Word: donors
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Deutsche Bank is recruiting corporate investors for its pioneering for-profit microcredit venture by pointing to its successful four-year trial run with a private donor-backed fund. Both funds seek to lend credibility--in the form of hard-currency collateral--so that MFIs can establish relationships with local banks and get better loan rates. Likewise, Citigroup has used its branches in places like Kenya to make local-currency loans to MFIs, with the hope that conservative local banks will follow suit...
...Loggia of Piazza della Signoria?an outdoor room of the Uffizi. This year, patrons were allowed to choose their favorite among 22 16th century paintings in the Accademia's Tribune (home of Michelangelo's David), and have their names appear on a plaque below the painting as the major donor for its restoration. Mel Gibson and his wife chose Alessandro Allori's Madonna Enthroned. Says Brandolini: "There was an explosion of color because these are all Mannerist paintings. It was the first time that people walked in there, and they weren't looking at the David...
...security situation is often cited as a major reason for the caution of European and Arab donors in making commitments to Iraq. But one dimension of the financial story mostly overlooked is the political implication of the fact that most of the donor pledges corralled by the U.S. last week came in the form of loans and loan-guarantees. Washington had already acceded to the reality that nobody outside its "coalition of the willing" is going to provide funds to be managed directly by U.S. viceroy Paul Bremer, so a separate fund was created under the supervision...
...mandated multinational force under U.S. command and expanded the U.N.'s political role. Although the resolution was largely symbolic - many ambassadors said they voted for it only to maintain Council unity - U.S. Secretary of State Colin Powell said he was now more optimistic about pledges at this week's donor conference in Madrid. But France, Germany and Russia said they'd give no more. MEANWHILE IN FIJI ... Belated Apology Hoping to lift a suspected curse, inhabitants of the remote mountain village of Navatusila have promised to apologize to descendants of a British Christian missionary whom their forefathers ate 136 years...
...resolution may be financial. The IMF and World Bank have calculated that Iraq's reconstruction over the next four years will require $55 billion in aid, and the Bush administration - having earmarked $20 billion of its latest $87 billion Iraq budget for reconstruction - has been looking to the Madrid donor conference scheduled to begin on October 23 for substantial pledges of support. So far, however, the picture looks mixed: Japan has pledged $5 billion and Britain almost $1 billion, but Canada and the EU, between them, are good for only half a billion. The administration is hoping that...