Identify one private international financial institution. In an essay, discuss its history and role in improving the economy of any ASEAN member country
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Answer:
In many parts of the world, international financial institutions (IFIs) play a major role in the social and economic development programs of nations with developing or transitional economies. This role includes advising on development projects, funding them and assisting in their implementation.
Characterized by AAA-credit ratings and a broad membership of borrowing and donor countries, each of these institutions operates independently. All however, share the following goals and objectives:
to reduce global poverty and improve people's living conditions and standards;
to support sustainable economic, social and institutional development; and
to promote regional cooperation and integration.
IFIs achieve these objectives through loans, credits and grants to national governments. Such funding is usually tied to specific projects that focus on economic and socially sustainable development. IFIs also provide technical and advisory assistance to their borrowers and conduct extensive research on development issues. In addition to these public procurement opportunities, in which multilateral financing is delivered to a national government for the implementation of a project or program, IFIs are increasingly lending directly to non-sovereign guaranteed (NSG) actors. These include sub-national government entities, as well as the private sector.
Canada is a partner and shareholder in the World Bank, which is the major global IFI, and in several regional development banks. This membership permits Canadian firms and individuals to compete for procurement opportunities in bank-funded projects and programs.
Canada's Offices of Liaison with International Financial Institutions (OLIFIs) can help you learn about IFIs, including information on where and how funds are spent, and how to find and pursue these opportunities. To find out more, refer to OLIFI.