One method of setting up a counterpart fund is to have businesses in the country receiving aid that want to import a commodity place an order with their government and pays for the import in their local currency.
22.
The system will work in a similar fashion to the Marshall Aid's counterpart fund, created by the US administration for war-ravaged European nations after World War II, albeit in a much smaller scale.
23.
Most of the investments in the sector are being financed by donors through zero-interest loans from the World Bank's International Development Association and the African Development Bank or grants from other donors, complemented by government counterpart funds.
24.
This has limited some agencies'ability to raise counterpart funds and shoulder other expenses such as tax and duties for equipment and goods used in the projects, said Francisco del Rosario, executive director of a government council overseeing foreign development assistance.
25.
The Overseas Economic Cooperation Fund of Japan ( OECF ) is considering providing foreign-currency loans to the Thai government in a " counterpart fund " programme in which the loans can be used as official reserves to back the issuing of local money to boost domestic liquidity.
26.
This was because the government had set high import duties, which were effectively 50 % of the cut-price exchange rate used under the CIP; these funds were also part of normal revenue, and were not subject to American oversight, unlike the proceeds of the counterpart fund.
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