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American officials vetoed Mr. Koch-Weser partly on the grounds that, in their view, he lacked sufficient international stature to run the I.M.F., which provides emergency financing to developing and distressed countries.
It would also mean delivering real financing to developing countries to cope with the impacts of climate change, and recognizing the full rights of climate migrants to move to safer ground.
Meanwhile, the International Emissions Trading Association, an industry group that promotes greenhouse gas trading programs, has proposed a green bond mechanism that would provide financing to developing countries for specific infrastructure projects that have significant carbon-reduction payoffs.
Finalising arrangements for the fund – which is supposed to channel $100bn a year in public and private financing to developing countries by 2020 – is one of the tests of the annual UN meeting, to which Australia has controversially declined to send the environment minister, Greg Hunt, or any ministerial representative.
IFIs provide financing to developing countries that might otherwise struggle to secure loans on the open market.
Under the climate change agreement, industrialized countries have agreed to provide fast-track financing to developing countries.
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They have developed advanced exploration technologies and can muster significant financing to develop new fields.
A glaring omission in the Bush plan is its failure to supply financing to develop these computer systems.
Still, with credit markets tight, the program represents a rare source of financing to develop electric-vehicle technology.
Just last week, NASA awarded $269 million to four companies in a second round of financing to develop new spacecraft to take astronauts into orbit.
I would argue that Long Island has received financing to develop economic clusters in a number of value-added, high-growth businesses that are not limited to biotechnology.
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