Deep anxiety about rocketing oil prices has brought a number of African officials to the Egyptian capital, Cairo for a meeting with the Arab oil producing states.
Deep anxiety about rocketing oil prices has brought a number of African officials to the Egyptian capital, Cairo for a meeting with the Arab oil producing states. Their first meeting, on Tuesday (January 22nd) was held behind closed doors.
Mr. Nzo Ekangaki, Secretary General of the Organisation of African Unity (OAU) told the opening session that the poorer countries could not afford the higher fuel prices. And he said there was "serious anxiety" about the already fragile African economies. Mr. Ekangaki also warned that African countries may became the "victims of a double tragedy" if Western Europe and Japan transfer oil price increases to the manufactured goods which African countries must import.
The Arab League Secretary General, Mahmoud Riad, spokesman for the ten Arab states represented at the meeting, said the Arab state were keen to help Africa. He pointed to the newly founded Arab bank for African Development, which he said already had capital subscriptions of GBP 88 million ($195 million).
Mr. Riad went on to say that Arab assistance could take the form of loans and other facilities to help African countries meet the oil price increases and carry out development programmes.
Further discussions behind closed doors were scheduled for Wednesday (23rd January).