It steps into a gap to make funds available that might not otherwise be within the reach of these countries if there were only to go to the private lending market.

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It is hoped that, with toxic debts off their balance sheets, the Nigerian bank will be able to attract new investors in the private market, and will be better placed to recommence fresh lending to support the economy.

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Over time, by increasing market liquidity and stimulating market activity, this facility should also help to revive private lending.

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In most emerging markets, however, the failure in capital markets persists, so the government is trying to correct that market failure by investing in minority stakes in private companies or lending at subsidized rates to such firms.

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With Clear Channel's stock trading well below its buyout value, lenders to the private equity consortium now face the prospect of lending far more than the current market value of the target company, and at a time when banks are already nervous about making loans.

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The decision helps companies that need to borrow -- the central bank will essentially be lending to them -- but it fails to directly entice money market funds and other private-sector investors into buying the securities.

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