Finance: strong capital flows to the south.

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Net private capital flows to developing countries reached a record high of $491bn in 2005, driven by privatisations, mergers and acquisitions, external debt refinancing, as well as strong investor interest in local-currency bond markets in Asia and Latin America.

The World Bank's annual 2006 Global Development Finance report says the surging flows, including record bank lending and bond issuance, among others, coincided with 6.4% economic growth in the developing world last year, more than double the 2.8%...

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