8/2/2019 Risky Business: Intermediary lending and development finance
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8/2/2019 Risky Business: Intermediary lending and development finance
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8
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8/2/2019 Risky Business: Intermediary lending and development finance
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;
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elxih}{inm{{. Eognl pbm{m exm inqm{pomnp{ pbep ken {ilniaikenpdy iovekp dgked
kgoo}nipim{.
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exm kg/{ilnepgxim{ |ipb pbm eaamkpm` kgoo}nipim{3 pbm gpbmx i{ pbm LCMD kged
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a i xm` vg| mx vdenp in G`i{be$ In`ie)
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ainenkm` hy pbm IAK pbxg}lb e 866< $566o mu}ipy inqm{pomnp in pbm In`ie
Inaxe{px}kp}xm A}n` "IIA).
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elxik}dp}xed den` en` ;18 bmkpexm{ ga vxiqepm den` pbep vxgqi`m` agg` en`
movdgyomnp agx nmexdy 5;66 aeoidim{. Pbm{m vmgvdm |mxm ̀ i{vdekm` hy pbm
den` eku}i{ipign agx pbm LCMD vxgjmkp.Pbm kgovdeinenp{ eddmlm pbep ng diqmdibgg`{ xm{pgxepign vden |e{ in vdekm.
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inagxoepign ehg}p pbm vxgjmkp en` ip{ hekcmx{. Pbmy {ey pbep hy vxgpmkpinl
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bexoa}d iovekp.
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oidm ̀ mdiqmxy pbep kg}d` xmeddy bmdv pbm x}xed vggx lein ekkm{{ pg mnmxly.¦
‒I{gdepinl pbm vxgjmkp inagxoepign axgo Spbm_ v}hdik mym kxmepm{ ogxm beqgk pben {gd}pign$ hmke}{m pbmxm exm ng {pxgnl `i{kdg{}xm en` {eaml}ex`{ {pen`ex`{ pbep pbm kgoveny i{ hg}n` pg agddg|. Ip pbmn {vexm{ pbm kgoveny axgo ekkg}npehidipy.’
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8/2/2019 Risky Business: Intermediary lending and development finance
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0
In 8655 pbm KEG enng}nkm` e xmqim| ga pbm IAK’{ ainenkied {mkpgx
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ga AI{. Pbm xmqim| i{ `}m pg hm v}hdi{bm` in pbm {}oomx ga 8658. Ip |idd agk}{ gn
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inqm{pomnp{.
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Aeid}xm ga @AI{ pg dmqmxelm vg{ipiqm kbenlm
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mn{}xm hmppmx xm{}dp{ e{ ][ Eppgxnmy Jgbn Kx}pkbmx mrvdein{:
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AI$ pbm @AI,{ inad}mnkm pmn`{ pg hm xm`}km` {ilniaikenpdy.’9
Pbi{ vginp i{ m{vmkieddy iovgxpenp hmke}{m @AI{ {ey pbmix inqm{pomnp eppxekp{gpbmx vxiqepm inqm{pgx{ |bg qed}m pbmix kxm`ihidipy en` cng|dm`lm.
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inqm{pomnp `mki{ign{. Ip i{ `iaaik}dp pg mrvmkp pbmo pg beqm e {pxgnl ogpiqepign pg
eddmqiepm vgqmxpy gx pg beqm en }n`mx{pen`inl ga bg| pg `g {g.
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pg hm ekkgovdi{bm`. @AI{ `g ngp }{m e {kxmmn pg `mpmxoinm ia e liqmn AI }{m{ e
vxg/vggx dmn{ pg l}i`m ip{ inqm{pomnp{.
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vmgvdm.56
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nep}xed xm{g}xkm{ |bikb i{ qiped in e``xm{{inl inmu}edipy.
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vxgqi`m` pg pbm Hgex` ga @ixmkpgx{ ga pbm @AI en` oe`m v}hdik. In kgnpxe{p pbm
v}hdik be{ qixp}eddy ng ekkm{{ pg inagxoepign ehg}p ekpiqipim{ a}n`m` hy og{p AI
kdimnp{ ga @AI{.
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ng ekkm{{ pg inagxoepign ehg}p pbm AI’{ bilb/xi{c ekpiqipim{ en` ekpiqipim{ pbep
vg{m e xi{c ga ,{}h{penpied iovekp.55
[mm Pehdm 8 agx en gqmxqim| ga
pxen{vexmnky xmu}ixmomnp{ ep pbm IAK.
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xi{c vxgjmkp{.58
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`i{kdg{}xm.5;
"[mm Hgr 8 .)
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kgn{}dpepign exm gapmn vggx gx eh{mnp. Ip ken hm mrpxmomdy ̀ iaaik}dp pg inqm{pilepm
en` ekbimqm xm`xm{{ eapmx pbm aekp. Mexdy `i{kdg{}xm ga inagxoepign i{ qiped agx`med{ inqgdqinl eku}i{ipign ga den` en` gpbmx nep}xed xm{g}xkm{.¦
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=
E kgnpxih}pinl aekpgx pg pbi{ xm`}km` pxen{vexmnky i{ pbm {bmmx n}ohmx ga
inqm{pomnp{ hy AI{. Pbi{ ken kxmepm kbeddmnlm{ agx vxgqi`inl inagxoepign pg pbm
v}hdik. E``ipigneddy @AI{ in`ikepm pbep pbmy exm kgn{pxeinm` hy nepigned inqm{pgx
xml}depign{ vxgqi`inl {gom xm{pxikpign{ gn v}hdik `i{kdg{}xm ga inagxoepign
xmdepm` pg AI inqm{pomnp{.
Hgr 8: Md Pmjex " IAK/hekc m` elxih}{inm{{ in Oep g Lxg{{g$Hxezi d)
Dgn`gn/he{m̀ bm`lm a}n` Edpioe Vexpnmx{ kxmepm` Edpioe Gnm \gxd`
Elxik}dp}xm A}n` "EG\EA) pg inqm{p in aexoden` in [g}pb Eomxike momxlinl
oexcmp{ en` {}h/[ebexen Eaxike. Pbm IAK oe`m ip{ hillm{p mqmx elxi/
h}{inm{{ mu}ipy inqm{pomnp "}v pg $<=o) in EG\EA in 8669.
Pbm IAK inqm{pm` in EG\EA qie e ‒{vmkied qmbikdm’. ]{inl pbi{ {mvexepm
kgoveny omen{ pbm IAK’{ inqm{pomnp xmoein{ {mvexepm axgo pbm oein a}n`
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IAK a}n`inl.50
Edpioe {ey{ pbm a}n` eio{ pg kxmepm pbm ‒aix{p Mrrgn Oghid ga
pbm aexoinl {mkpgx’.
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Edpioe Vexpnmx{ i{ gnm ga pbm dme`inl hekcmx{ "06 vmx kmnp mu}ipy) ga pbm
Exlmnpinm kgoveny Md Pmjex. Md Pmjex eio{ pg vdenp 066666 bmkpexm{ ga
{gyhmen{ en` kgxn in Oepg Lxg{{g Hxezid en` e a}xpbmx 5.5o bmkpexm{
ekxg{{ [g}pb Eomxike. Pbi{ |g}d` oecm ip pbm dexlm{p aexo kgoveny in pbm
|gxd`.51
Aeid}xm pg vxgpmkp in`ilmng}{ vmgvdm{ en` xm{gdqm den` xilbp{ ̀ i{v}pm{ i{ e
xmkglnizm` vxghdmo in Oepg Lxg{{g. IAK ip{mda ngpm{ pbep in Oepg Lxg{{g
(S{gy_ mrven{ign i{ kgnpxih}pinl pg pbm ̀ m{px}kpign ga dexlm exme{ ga nep}xed
qmlmpepign enn}eddy (.5<
Edpioe ̀ i{kdg{m{ ng ̀ mpeidm` inagxoepign ehg}p ip{ ekpiqipim{ en` vgdikim{ en`
e`oip{ ip ̀ gm{ ngp e`bmxm pg pbm ]C Ainenkied Xmvgxpinl Kg}nkid’{[pm|ex`{biv Kg`m "|bikb eio{ pg iovxgqm pxen{vexmnky en` pbm mrmxki{m ga
inqm{pgx{’ lgqmxnenkm xm{vgn{ihidipim{). Liqmn pbi{ dekc ga pxen{vexmnky ip i{
iovg{{ihdm pg cng| mrekpdy |bep Md Pmjex i{ `ginl |ipb IAK ognmy in Oepg
Lxg{{g gx |bmpbmx Edpioe i{ a}daiddinl ip{ xm{vgn{ihidipim{ e{ en IAK/hekcm`
inqm{pgx pg mn{}xm pbep mnqixgnomnped en` {gkied {eaml}ex`{ exm
iovdmomnpm` en` xilbp{ vxgpmkpm`.
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1
Pehdm 8: Kgovexi{gn ga pxen{vexmnky xmu}ixmomnp{ agx `ixmkp en`in`ixmkp dmn`inl ep pbm IAK
@ixmkp inqm{pomnp{ Ainenkied inpmxom`iexy
dmn`inl
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IAK kepmlgxizepign{y{pmo }{m` pgkbexekpmxizm vxgjmkpe{ Kepmlgxy E H gxK.
IAK {biap{ xm{vgn{ihidipy pgAI pg i`mnpiay en` oenelmxi{c{. Kevekipim{ eognl
AI{ pg `g pbi{ qexy |i`mdy.Mekb AI }{m{ ip{ g|n{y{pmo pg kbexekpmxizmxi{c kxmepinl vgpmnpied agxinkgn{i{pmnp xi{ckbexekpmxizepign.
Bilbm{p/xi{cvxgjmkp{ "KepmlgxyE)
Bilbm{p/xi{c {}h/vxgjmkp{ "Kepmlgxy E)
Inagxoepign pg v}hdik
Ep dme{p 16 `ey{hmagxm IAK ̀ mki{ign pg
dmn`.
Gnkm e ymex en` gndy agxvxiqepm mu}ipy vxgjmkp{
eapmx ainenkinl hy IAK.\bep Neom dgkepign
{mkpgx iovekpe{{m{{omnpinagxoepign mpk.
Neom dgkepign {mkpgx.
"Ng iovekp e{{m{{omnpinagxoepign i{ ̀ i{kdg{m`.)
Kepmlgxy H Kepmlgxy H
Inagxoepign pg v}hdik
Ep dme{p ;6 `ey{hmagxm IAK ̀ mki{ign pgdmn`.
Inagxoepign nmqmxeqeidehdm.
@mqmdgvomnp g}pkgom{ ngp vxgvmxdy {vmkiaim` gxpxekcm`
[kx}piny ga |bep @AI a}n`{ ekkgovdi{b in pmxo{ ga {gkied en` mnqixgnomnped
{pen`ex`{ dexlmdy mn`{ gnkm a}n`{ exm vxgqi`m` pg en AI. @AI{ ̀ g ngp e{c agx
en e{{m{{omnp ga ̀ mqmdgvomnp g}pkgom{ ekbimqm` hy e liqmn {}h/vxgjmkp.
In{pme` vmxagxoenkm ome{}xm{ xmdepm dexlmdy pg |bmpbmx pbm kevekipy ga pbm AI
be{ hmmn mnbenkm` en` |bmpbmx pbm AI be{ inkxme{m` pbm n}ohmx ga [OM{
a}n`m`. Pbmy aeid pg kgovxmbmn{iqmdy kevp}xm pbm ̀ mqmdgvomnp iovekp gn pbm
lxg}n` m.l. pbm iovekp }vgn dgked agg` vxg`}kpign ekkm{{ pg kxm`ip dgked
diqmdibgg`{ {oedd/bgd`mx aexomx{ |gomn’{ diqmdibgg`{ en` movg|mxomnphig`iqmx{ipy en` mkg{y{pmo{.
Ine`mu}epm {eaml}ex`{
@AI{’ e{{m{{omnp ga xi{c{ dexlmdy agk}{m{ gn AI{’ ainenkied bmedpb en` pbm xi{c
ga vggx ainenkied xmp}xn{ axgo inqm{pomnp. Pbm xm{vgn{ihidipy pg oenelm
mnqixgnomnped en` {gkied xi{c{ pg vggx vmgvdm i{ }{}eddy {biapm` pg pbm AI{.
Oeny @AI{ xmu}ixm AI{ pg mn{}xm pbep {gom gx edd ga pbmix mnqixgnomnped en`
{gkied {pen`ex`{ exm evvdim` pg bilbmx/xi{c ekpiqipim{. Bg|mqmx mqmn @AI{
{px}lldm pg iovdmomnp {eaml}ex`{ en` {pen`ex`{ |mdd.52
AI{ lmnmxeddy beqm o}kb dm{{ mrvmximnkm pben @AI{ |ipb {eaml}ex`{ {}kb e{kgoo}nipy kgn{}dpepign xmu}ixmomnp{. Pbi{ omen{ pbmy exm dm{{ dicmdy pg hm
ehdm pg mn{}xm pbep pbmix kdimnp{ kgn`}kp e`mu}epm kgoo}nipy kgn{}dpepign.
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[gom @AI{ beqm ,mrkd}{ign di{p{, pbep {vmkiay ekpiqipim{ pbep kenngp hm a}n`m` hy
e @AI. Bg|mqmx {}kb mrkd}{ign di{p{ aeid pg ekkg}np agx pbm {ilniaikenp
`iaamxmnkm{ hmp|mmn @AI dmn`inl ̀ ixmkpdy en` qie AI{. Pbmy ̀ g ngp x}dm g}p
inqm{pomnp{ qie AI{ pbep {ilniaikenpdy eaamkp kgoo}nipim{’ ekkm{{ pg den` en`
xm{g}xkm{.
XMKGOOMN@EPIGN[
Agk}{ gn `mqmdgvomnp iovekp
• Pbm {mdmkpign ga AI{ {bg}d` hm vxigxipizm` pg|ex`{ in{pip}pign{ pbep beqm
{}h{penpied dgked g|nmx{biv en` exm mu}ivvm` pg oecm inqm{pomnp{ pbep exm
in dinm |ipb pbm @AI’{ ̀ mqmdgvomnp ghjmkpiqm{ en` evvxgekb.
• @AI{ {bg}d` m{pehdi{b e v}hdik xmli{pxy ga edd AI{ agx |bikb e xmkgx` ga
{}aaikimnp ̀ mqmdgvomnp mrvmxpi{m kevekipy en` vxg/vggx dmn`inl mri{p{.
Pbmxm {bg}d` hm v}hdik ̀ i{kdg{}xm ga pbm {vmkiaik kxipmxie }{m` pg mqed}epm
mdilihidipy en` pbm @AI,{ j}{piaikepign agx mekb AI,{ mdilihidipy {pep}{.
• Inqm{pomnp{ |bikb inqgdqm pbm |bgdm{edm pxen{amx ga den` e|ey axgo
eaamkpm` kgoo}nipim{ {bg}d` hm mrkd}`m` }ndm{{ pbmxm i{ ̀ mogn{pxehdm
evvdikepign ga {gkied en` mnqixgnomnped {pen`ex`{ inkd}`inl Axmm Vxigx en`
Inagxom` Kgn{mnp vxgvmx kgovmn{epign en` a}dd pxen{vexmnky.
• AI dmn`inl o}{p hm ̀ ixmkpm` o}kb ogxm pg dg|/inkgom kg}npxim{ {vmkiaikeddy
|bmxm vxiqepm {mkpgx ainenkm i{ og{p dekcinl. Dmn`inl pg AI{ o}{p hm
xmagxom` pg ̀ mogn{pxehdy xmekb pbg{m og{p in nmm` inkd}`inl ogxm
mnpmxvxi{m{ en` h}{inm{{m{ ep pbm {oeddmx mn` ga pbm [OM {vmkpx}o.
Inkxme{m pxen{vexmnky • Inagxoepign ̀ i{kdg{}xm {bg}d` hm inkxme{m` agx AI {}h/vxgjmkp{ m{vmkieddy
pbg{m eaamkpinl kgoo}nipim{’ ekkm{{ pg den` en` gpbmx nep}xed xm{g}xkm{.
Inagxoepign vxgqi`m` pg dgked kgoo}nipim{ {}kb e{ iovekp e{{m{{omnp{
{bg}d` ed{g hm oe`m eqeidehdm gn @AI{’ |mh{ipm{.59
Lxmepmx `}m `idilmnkm
• @}m ̀ idilmnkm en` ognipgxinl xmu}ixmomnp{ agk}{m` gn ̀ mqmdgvomnp
iovekp en` ngp mrkd}{iqmdy ainenkied vmxagxoenkm o}{p hm inkd}`m` in
kgnpxekp{ hmp|mmn @AI{ en` AI{ en` hmp|mmn AI{ en` pbmix kdimnp{.
•
@AI{ {bg}d` evvdy vmxagxoenkm {pen`ex`{ pg edd bilb/ en` og`mxepm/xi{c{}h/vxgjmkp{ en` pg edd vxgjmkp{ pbep e`qmx{mdy iovekp pbm den` en` nep}xed
xm{g}xkm{ gn |bikb vmgvdm diqinl in vgqmxpy xmdy agx pbmix diqmdibgg`{.
Inkxme{m ekkg}npehidipy
• @AI{ {bg}d` mn{}xm pbep kgnpxekp{ inkd}`m kgn`ipign{ vmxoippinl pbmo pg
|ipbbgd` en` ia nmm` hm |ipb`xe| a}n`inl axgo AI kdimnp{ ia qigdepign{
elein{p mipbmx pbm mrkd}{ign di{p gx vmxagxoenkm {pen`ex`{ exm ag}n`. Pbm{m
kgn`ipign{ {bg}d` hm hekcm` hy evvxgvxiepm ognipgxinl exxenlmomnp{.
• Edd @AI{ o}{p mn{}xm pbep {}ipehdm xm`xm{{ omkbeni{o{ exm oe`m eqeidehdm
en` kgoo}nikepm` ep pbm gn{mp ga e vxgjmkp pg edd eaamkpm` kgoo}nipim{
|bmn AI kdimnp{ exm }{m`.
Gpbmx |ey{ ga xmekbinl dgked [OM{ ̀ ixmkpdy {bg}d` ed{g hm kgn{i`mxm`. Graeo
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2
i{ vidgpinl p|g inipiepiqm{ pg bmdv xmekb elxik}dp}xm/xmdepm` [OM{ |bikb ain` ip
`iaaik}dp pg ekkm{{ kgoomxkied ainenkm. Pbm{m inipiepiqm{ agk}{ gn oecinl e
vg{ipiqm iovekp en` aiddinl pbm ainenkinl lev{ pbep AI dmn`inl ̀ gm{ ngp xmekb.
Pbmy eio pg movg|mx {oedd/bgd`mx aexomx{ pg h}id` mnpmxvxi{m{ en` bmdv
mn{}xm agg` {mk}xipy agx vggx en` q}dnmxehdm kgoo}nipim{. [mm Hgr ; agx en
gqmxqim| ga pbm inipiepiqm{.
Hgr ;: Ai d d inl pbm a inenk m lev agx [OM elxik}dp }xm
Mnpmxvxi{m @mqmdgvomnp Vxglxeoom "M@V)
Pbm M@V pexlmp{ x}xed mnpmxvxi{m{ |ipb $56666‛$866666 p}xngqmx en`
xmu}ixinl $=6‛$566666 inqm{pomnp agx mu}ivomnp gx |gxcinl keviped.
Og{p ga pbm{m mnpmxvxi{m{ gvmxepm in qmxy xmogpm exme{ ga kg}npxim{ {}kb e{
Mpbigvie Penzenie en` Nmved exm aexomx/g|nm` en` beqm gnm pg pbxmm
vei` {peaa.
Inqm{pomnp i{ kbennmddm` pbxg}lb dgked henc{ gx oikxgainenkm gxlenizepign{.
Bg|mqmx ip i{ oenelm` ̀ ixmkpdy xepbmx pben qie inpmxom`iexim{. M@V {pexpm`
in 8662 en` k}xxmnpdy be{ 5= mnpmxvxi{m{ in ip{ vgxpagdig.
[oedd Mnpmxvxi{m Iovekp Inqm{pomnp A}n` "[MIIA)
[MIIA i{ en iovekp a}n` gaamxinl inqm{pgx{ pbm gvvgxp}nipy pg ekbimqm vg{ipiqm
{gkied kbenlm en` og`m{p xmp}xn{ pbxg}lb inqm{pinl qie [oedd Mnpmxvxi{m
Ainenkinl Inpmxom`iexim{ "[MAI{) in [OM{ in ̀ mqmdgvinl mkgngoim{.
Graeo’{ xgdm i{ pg e`qi{m gn pbm `mqmdgvomnp agk}{ ga pbm a}n`’{ ekpiqipim{
en` pg mn{}xm pbep ip i{ xmvgxpm` e{ a}ddy en` ekk}xepmdy e{ vg{{ihdm. Pbxg}lb
ip{ ̀ }m ̀ idilmnkm vxgkm{{m{ en` ognipgxinl "e{ |mdd e{ pmkbniked {}vvgxp
pbxg}lb en Iovekp [}vvgxp Aekidipy) [MIIA |idd kgnpxih}pm pg e nm| iovekp
inqm{pinl in`}{pxy {pen`ex`. Iovgxpenpdy pbi{ inkd}`m{ hgpb mn{}xinl pbepinpmxom`iexim{ en` inqm{pmm {}h/vxgjmkp{ ommp pbm IAK’{ Vmxagxoenkm
[pen`ex`{ en` ognipgxinl a}daidomnp ga `mqmdgvomnp iovekp pbxg}lbg}p pbm
diam ga pbm inqm{pomnp{.
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NGPM[
5 Engpbmx mreovdm i{ pbm IAK’{ {}vvgxp agx Ceizmn Vxiqepm Mu}ipy DDK en $26o {inldm {mkpgx vxiqepm mu}ipy a}n`
`m`ikepm` pg inqm{pomnp{ in pbm m`}kepign {mkpgx in In`ie.
8N. Bid`yex` "8658 agxpbkgoinl) ‒Ogxm pben Hxikc{ en` Ogxpex: Vxiqepm Mu}ipy Inaxe{px}kp}xm A}n`{’ Pbm
Kgxnmxbg}{m.
;E}pbgx’{ g|n kedk}depign{ he{m` gn pbm ail}xm{ vxgqi`m` hy pbm IAK in ip{ enn}ed xmvgxp agx pbm ainenkied ymex
8655.
0E. Pxikexikg "8655) ‒MIH dmn`inl pbxg}lb ainenkied inpmxom`iexim{ in Eaxike: e kedd agx ekpign’
bppv:''ikp{`.gxl'i'nm|{'pni'562=9;' "de{p ekkm{{m` Evxid 8658)
=[mm Pehdm 5 agx mreovdm{ ga @AI{.
1 Henc Inagxoepign Kmnpmx "8655) ‒Goh}`{oen ekkmvp{ kgovdeinp elein{p LOX vxgjmkp in G`i{be’ Henc
Inagxoepign Kmnpmx 5; Oey 8655 bppv:''|||.hik}{e.gxl'mn'Expikdm.580;1.e{vr"de{p ekkm{{m` Evxid 8658)
<Ihi`.
2G`i{be Kbe{ Vexiqm{b [}xmcb{e Vexi{be` en` pbm @mdbi Agx}o "8655) Dmppmx ga kgovdeinp pg pbm Kgovdienkm
E`qi{gx'Goh}`{oen bppv:''|||.keg/goh}`{oen.gxl'ke{m{'`gk}omnp/
dinc{'`gk}omnp{'In`ieIIAkgovdeinpWEvxid5=8655W|mh.v`a"de{p ekkm{{m` Evxid 8658)
Henc Inagxoepign Kmnpmx "8655) ‒Goh}`{oen ekkmvp{ kgovdeinp elein{p LOX vxgjmkp in G`i{be’ Henc
Inagxoepign Kmnpmx 5; Oey 8655 bppv:''|||.hik}{e.gxl'mn'Expikdm.580;1.e{vr"de{p ekkm{{m` Evxid 8658)
9Jgbn Kx}pkbmx "8658) Vmx{gned kgoo}nikepign |ipb KIMD.
56Graeo Inpmxnepigned "8658) ‒Dmap hmbin` hy pbm L867 Bg| inmu}edipy en` mnqixgnomnped ̀ mlxe`epign pbxmepmn pg
mrkd}`m vggx vmgvdm axgo pbm hmnmaip{ ga mkgngoik lxg|pb’ bppv:''vgdiky/
vxekpikm.graeo.gxl.}c'v}hdikepign{'dmap/hmbin`/hy/pbm/l86/bg|/inmu}edipy/en`/mnqixgnomnped/`mlxe`epign/
pbxmepmn/pg/86;=19 "de{p ekkm{{m` Evxid 8658)
55Edpbg}lb pbm Ekkm{{ pg Inagxoepign Vgdiky be{ e vxm{}ovpign ga ̀ i{kdg{}xm in [mkpign 2"h) agx ‒vxgjmkp dmqmd
inagxoepign xmlex`inl inqm{pomnp{ en` e`qi{gxy {mxqikm{ {}vvgxpm` hy IAK’ IAK oenelmomnp in`ikepm{ pbep
,vxgjmkp dmqmd inagxoepign, xmdepm{ gndy pg inagxoepign ehg}p IAK,{ ̀ ixmkp inqm{pomnp in en AI. Pbm vxm{}ovpign
`gm{ ngp agddg| a}n`{ vxgqi`m` hy pbm AI pg {}hvxgjmkp{.
58 ‒Bilbmx xi{c’ i{ ngp `mainm` in pbm Ekkm{{ pg Inagxoepign Vgdiky h}p pbm ngn/hin`inl Inpmxvxmpepign Ngpm{ {}llm{p
pbep bilbmx xi{c inkd}`m{ Kepmlgxy E en` Kepmlgxy H vxgjmkp{.
5; Ekkm{{ pg Inagxoepign Vgdiky [mkpign 9.
50Inpmxnepigned Ainenkm Kgxvgxepign "8662) ‒[}ooexy ga vxgvg{m` inqm{pomnp’
bppv:''|||.iak.gxl'iakmrp'{vi|mh{ipm5.n{a'a0=5mhhm;0e9e2ke2=8=1e==66<;aa56'``6emek06`<<0=;=2=8=<1he666m8k<07Gvmn@gk}omnp "de{p ekkm{{m` Evxid 8658)
5= Jg{mvb Kexqin Edpioe Vexpnmx{’ Gnm \gxd` Elxik}dp}xm A}n` "8669) kipm` in LXEIN "8656) ‒Pbm nm| aexo
g|nmx{: kgxvgxepm inqm{pgx{ dme` pbm x}{b agx kgnpxgd gqmx gqmx{me{ aexoden`’
bppv:''|||.lxein.gxl'expikdm'mnpxim{'0;29/pbm/nm|/aexo/g|nmx{/kgxvgxepm/inqm{pgx{/dme`/pbm/x}{b/agx/kgnpxgd/
gqmx/gqmx{me{/aexoden` "de{p ekkm{{m` Evxid 8658)
51C. Lexpden` "8656) ‒Hxezid g}phekc d}xm{ Exlmnpinm aexo lienp’ bppv:''|||.aexoden`lxeh.gxl'vg{p'qim|'50=<9
"de{p ekkm{{m` Evxid 8658)
5<Hig`iqmx{ipy en` Elxik}dp}xed Kgoog`ipim{ Vxglxeo "HEKV) Ngpikm ga Enpikivepm` Lxenp E|ex` "8656)
bppv:''|||5.iak.gxl'|v{'|ko'kgnnmkp'<2km;<66022==;aeh6aka81e1=5=hh52'IKQWV}hdikVg{pinl[}ooexy.v`a
7OG@?EJVMXM[ "de{p ekkm{{m` Evxid 8658)
52Kgovdienkm E`qi{gx'Goh}`{oen "8656) ‒Xmqim| ga IAK’{ Vgdiky en` Vmxagxoenkm [pen`ex`{ gn [gkied en`
Mnqixgnomnped [}{peinehidipy en` Vgdiky gn @i{kdg{}xm ga Inagxoepign’ bppv:''|||.keg/
goh}`{oen.gxl'`gk}omnp{'KEGE`qi{gxyNgpmagxIAKVgdikyXmqim|WOey8656.v`a "de{p ekkm{{m` Evxid 8658)
59 Lxmepmx pxen{vexmnky agx ep dme{p pbm bilbmx/xi{c vxgjmkp{ i{ vg{{ihdm. GVIK xmu}ixm{ pbep inagxoepign agx bilb/xi{c
ekpiqipim{ a}n`m` pbxg}lb AI{ hm `i{kdg{m` v}hdikdy vxigx pg GVIK Hgex` evvxgqed ga pbm AI vgxpagdig.
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56
© Graeo Inpmxnepigned Evxid 8658
Pbi{ i{{}m hximainl |e{ |xippmn hy [e{ence Pbidece{ixi en` Xgh Ne{b ga Graeoen` Ennm Vmxxe}dp ga Kmnpxm agx Inpmxnepigned Mnqixgnomnped De|. Graeoekcng|dm`lm{ pbm e{{i{penkm ga [pmvbenim H}xlg{ Pgo A}ddmx Cepm LmexyCxi{pmn Lmngqm{m en` Jm{{m Lxiaaipb{ in ip{ vxg`}kpign. Ip i{ vexp ga e {mxim{ gavevmx{ |xippmn pg inagxo v}hdik ̀ mhepm gn ̀ mqmdgvomnp en` b}oenipexien vgdikyi{{}m{.
Pbi{ v}hdikepign i{ kgvyxilbp h}p pbm pmrp oey hm }{m` axmm ga kbexlm agx pbmv}xvg{m{ ga e`qgkeky keoveilninl m`}kepign en` xm{mexkb vxgqi`m` pbeppbm {g}xkm i{ ekcng|dm`lm` in a}dd. Pbm kgvyxilbp bgd`mx xmu}m{p{ pbep edd {}kb}{m hm xmli{pmxm` |ipb pbmo agx iovekp e{{m{{omnp v}xvg{m{. Agx kgvyinl ineny gpbmx kixk}o{penkm{ gx agx xm/}{m in gpbmx v}hdikepign{ gx agx pxen{depign gxe`evpepign vmxoi{{ign o}{p hm {mk}xm` en` e amm oey hm kbexlm`. M/oeidv}hdi{bFgraeo.gxl.}c.
Agx a}xpbmx inagxoepign gn pbm i{{}m{ xei{m` in pbi{ vevmx vdme{m m/oeide`qgkekyFgraeoinpmxnepigned.gxl.
Pbm inagxoepign in pbi{ v}hdikepign i{ kgxxmkp ep pbm piom ga lginl pg vxm{{.
V}hdi{bm` hy Graeo LH agx Graeo Inpmxnepigned }n`mxI[HN 9<2/5/<26<</6<</8 in Evxid 8658. Graeo LH Graeo Bg}{m Jgbn [oipb
@xiqm Kg|dmy Gragx` GR0 8JY ]C.
GRAEO
Graeo i{ en inpmxnepigned kgnam`mxepign ga 5< gxlenizepign{ |gxcinl pglmpbmx in98 kg}npxim{ pg ain` de{pinl {gd}pign{ pg vgqmxpy en` inj}{pikm.
Graeo Eomxike "|||.graeoeomxike.gxl)
Graeo E}{pxedie "|||.graeo.gxl.e})
Graeo/in/Hmdli}o "|||.graeo{gd.hm)
Graeo Kene`e "|||.graeo.ke)
Graeo Axenkm "|||.graeoaxenkm.gxl)
Graeo Lmxoeny "|||.graeo.`m)
Graeo LH "|||.graeo.gxl.}c)
Graeo Bgnl Cgnl "|||.graeo.gxl.bc)
Graeo In`ie "|||.graeoin`ie.gxl).
Inpmxoûn Graeo "|||.inpmxogngraeo.gxl)
Graeo Ixmden` "|||.graeoixmden`.gxl)
Graeo Ipedy "|||.graeoipedie.gxl)
Graeo Jeven "|||.graeo.jv)
Graeo Omrikg "|||.graeoomrikg.gxl)Graeo Nm| Zmeden` "|||.graeo.gxl.nz)
Graeo Ngqih "|||.graeongqih.nd)
Graeo U}mhmk "|||.graeo.uk.ke)
Vdme{m |xipm pg eny ga pbm elmnkim{ agx a}xpbmx inagxoepign gx qi{ip|||.graeo.gxl. Moeid: e`qgkekyFgraeoinpmxnepigned.gxl
|||.graeo.gxl'lxg|