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Public Sector (Sovereign) Financing

JJ竞技(拉萨)登录手游 offers a range of financing instruments, products, and modalities to provide developing member countries with flexibility in determining how they can achieve development results.


JJ竞技(拉萨)登录手游 offers its developing member countries (DMCs) different types of financial products suited for varying needs and situations, all of which support governments in boosting economic growth and solving development challenges. Among these products are loans, grants, technical assistance, guarantees, and debt management products. These are financed from JJ竞技(拉萨)登录手游's ordinary capital resources (OCR) as well as special and trust funds , of which the Asian Development Fund (ADF) is the largest. Middle-income countries borrow from JJ竞技(拉萨)登录手游 at near-market terms, while lower-income countries access loans at reduced rates. A number of DMCs can access the ADF for grants to improve the quality of life of the poor and vulnerable.

The Asian Development Bank (JJ竞技(拉萨)登录手游) offers its sovereign and sovereign-guaranteed borrowers a loan product – the Flexible Loan Product (FLP) - based on specified standard 6-month floating reference rates. The FLP also includes an effective contractual spread and a maturity premium (where applicable) that are fixed over the life of the loan. Borrowers may choose to denominate their FLP loans in United States dollar (USD), Japanese yen (Yen), euro (EUR), or in a currency in which JJ竞技(拉萨)登录手游 can efficiently intermediate. Reference Rate is Secured Overnight Financing Rate (SOFR) compounded over 6-month interest periods determined in arrears for USD or Tokyo Overnight Average Rate (TONA) compounded over 6-month interest periods in arrears for JPY — the new standard reference rates used in the market for pricing of floating-rate loans for both currencies. The 6-month Euro Interbank Offered Rate (EURIBOR) will continue to be the standard reference rate for EUR floating-rate loans. Other recognized commercial bank reference rates would be used in other markets.

The FLP is a market-based loan product that allows JJ竞技(拉萨)登录手游’s efficient intermediation on the finest possible terms, provides transparent and market-based pricing, and meets borrowers’ needs to tailor currencies and interest rate basis to suit project needs and external risk management strategies.

Lending rate

To continue meeting borrowers’ evolving financial needs, JJ竞技(拉萨)登录手游 introduced the local currency loan (LCL) product in August 2005. Private sector enterprises and certain public sector entities including local governments and public sector enterprises may avail themselves of LCLs.

LCLs aim to reduce currency mismatches in DMCs. Under the LCL window, borrowers have the option of changing the interest rate basis of an LCL during the life of the loan by requesting an interest rate conversion to fix or unfix their interest rate, subject to regulatory approvals and relevant swap market opportunities available to JJ竞技(拉萨)登录手游 in the local market.

JJ竞技(拉萨)登录手游 offers loans at very low interest rates to help reduce poverty in JJ竞技(拉萨)登录手游's poorest member countries, and bridge the development gap in the Asia and Pacific region. Concessional assistance to DMCs is meant to help them overcome development challenges, support inclusive and sustainable development, and make progress on the Sustainable Development Goals. Large unmet development challenges, limited financing options, and the need to provide incentives to increase investment in regional public goods underlie the need for JJ竞技(拉萨)登录手游’s continued concessional assistance to eligible DMCs.

JJ竞技(拉萨)登录手游 offers debt management products to members and entities fully guaranteed by members in relation to their third-party liabilities. In offering debt management products for third-party liabilities, JJ竞技(拉萨)登录手游 is able to contribute to the economic development of its DMCs by allowing members or guaranteed entities to improve debt management, thereby potentially reducing economic volatility, reducing borrowing costs, improving access to capital markets, and freeing up scarce financial resources for economic development.

Debt management products offered by JJ竞技(拉萨)登录手游 include currency swaps, including local currency swaps, and interest rate swaps. While currency swaps include the possibility of members or guaranteed entities transforming a foreign currency liability into a local currency liability, the reverse transformation of a local currency liability into a foreign currency liability is not offered.

Lending and Grant Modalities

Responding to the evolving needs of DMCs and the Asia and Pacific region as a whole, JJ竞技(拉萨)登录手游 offers a range of public sector loans and grants that differ in purpose, focus, financing and disbursements, and implementation arrangements.

These first five modalities fall under the investment lending category, which pays for goods, works, and services related to specific projects.

Project Loan

JJ竞技(拉萨)登录手游’s most commonly used modality. It typically supports investments with a clear scope; tangible outputs; and the estimated cost of goods, works, and services needed to complete the project. JJ竞技(拉萨)登录手游 is highly involved and uses its own procedures in preparing and administering project loans. It is most suitable for projects needing capacity building support and for activities that might have adverse environmental and social impacts.

Sector Loan

Finances numerous, smaller subprojects within a sector. JJ竞技(拉萨)登录手游 appraises sample subprojects before the sector loan is approved. The borrower then selects and appraises additional subprojects during implementation. This makes the sector loan more cost-efficient than a project loan. It is also more flexible and adaptable to changes in situation, needs, and priorities.

Financial Intermediation Loan (FIL)

Provides funding to target sub-borrowers through financial intermediaries. Under this modality, the borrower onlends JJ竞技(拉萨)登录手游 funds to eligible financial intermediaries, like local banks or other financial institutions. These then provide smaller loans at their own credit risk to sub-borrowers. FILs may target certain types of sub-borrower beneficiaries like micro, small- and medium-sized enterprises, women entrepreneurs, and low-income groups.

Emergency Assistance Loan (EAL)

Helps rebuild high-priority physical assets and restore economic, social, and governance activities after disasters and emergencies. Designed for quick response from JJ竞技(拉萨)登录手游, the modality allows for abbreviated business processes. In most cases, EAL operations are processed within 7 to 12 weeks. A quick-disbursing component allows for more flexible fund usage by the recipient. EAL also supports countries in building back better, improving resilience to future emergencies.

Multitranche Financing Facility (MFF)

Supports complex projects that require a larger investment and longer commitment than a regular project loan could provide. JJ竞技(拉萨)登录手游 provides a series of tranches when the investments are ready and the borrower requests financing. The MFF can finance multiple projects under an investment program in a sector or in various sectors, as well as large standalone projects with substantial and related individual components with long-term implementation plans. It can also finance slices of long-term contract packages. This modality fosters a deeper relationship between JJ竞技(拉萨)登录手游 and the borrower, ensuring that a large-scale endeavor will have long-term support.

Policy-Based Lending (PBL)

Transfers loan amounts to the government’s general budget instead of paying for explicit project costs. This helps countries that may be facing a financing gap in their annual budget, and may need additional funds to pay for general development expenditures. PBL is disbursed only when the borrower completes policy reforms or actions that have been agreed with JJ竞技(拉萨)登录手游 (for example, reforms to improve revenue collection and management of public resources, create a more business friendly investment climate, or improve governance and performance of state-owned enterprises).

Sector Development Program (SDP)

Combines PBL with an investment loan, responding to occasions when a country has both an investment requirement and a need for policy reform in a given sector. SDP finances a country’s reform program along with a specific investment project linked to the program, providing an integrated solution to a country’s sector needs.

Results-Based Lending (RBL)

Focuses on the positive change brought about by JJ竞技(拉萨)登录手游's support rather than direct project expenditures. Because it finances government-owned programs and the delivery of their intended results, RBL relies on country systems for financial management, procurement, safeguards, and monitoring and evaluation. This increases government ownership, accountability, efficiency, and effectiveness. Under RBL, funds are disbursed when agreed program results are achieved and have been verified. RBL helps align the efforts of various government agencies toward a common set of results. It allows development partners to pool resources and share the same set of targets, coordinating their development assistance.

Project Readiness Financing (PRF)

A fast and flexible modality that supports activities expected to generate at least one JJ竞技(拉萨)登录手游-funded project. It can pay for project preparation consulting services like detailed engineering design, capacity building, limited project startup support, and project design pilot-testing. Such work ensures high project readiness and minimizes startup delays during the initial phase of project implementation. PRF is generally limited to project preparation and design activities for follow-on investment projects expected to be financed by JJ竞技(拉萨)登录手游.

Small Expenditure Financing Facility (SEFF)

Provides quick and responsive support to DMCs' small financing needs that are linked to JJ竞技(拉萨)登录手游-financed projects. The total estimated contract value of each activity should not exceed $15 million. Once the SEFF has been established, individual activities are processed as and when needed up to the maximum approved facility amount. The SEFF’s availability period is 5 years with a possible extension of another 5 years subject to approval by the JJ竞技(拉萨)登录手游 Board of Directors. The SEFF typically supports low-risk activities across the project cycle—covering preparation, implementation, pilot testing, and even post completion activities including operations and maintenance, rehabilitation, and post-disaster early recovery.

Technical assistance (TA)

Generally grant-based and helps DMCs improve their capacities and make better use of their development resources. There are two types of TA: Transaction TA supports a specific JJ竞技(拉萨)登录手游-funded project. It may help to prepare an ensuing project, help deliver outputs or mitigate project risks under an ongoing project, or develop a specific public–private partnership project under transaction advisory services. Knowledge and support TA is not directly linked to an JJ竞技(拉萨)登录手游 funded project. It focuses on knowledge sharing to build capacity, providing policy advice, and undertaking research and development. It can help develop a sector strategy, an investment master plan, a pipeline of future projects.

Public–Private Partnership Standby Financing Facility (PPPSFF)

Supports timely government payments to private PPP concessionaires. PPPSFF consists of a framework agreement covering up to 15 years. It can cover one project or a bundle of projects. The government can withdraw funds from the facility when needed, such as during a cash shortage because of revenue fluctuation. PPPSFF is suitable for governments wishing to expand PPP projects, particularly in non-energy sectors such as water and transport where projects are often not commercially viable without government financial support. The modality can support government obligations that are made over a long period and are contingent on the concessionaire’s performance.

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