• Short Summary

    The African Development Fund (FAD) -- was formally established at a meeting in the Ivory Coast on Wednesday (29 November).

  • Description

    The African Development Fund (FAD) -- was formally established at a meeting in the Ivory Coast on Wednesday (29 November).

    The President, Mr. Abdelwahab Labidi, said the fund should be active towards the end of next year. But so far, only about 90 million "units of account" have been subscribed, against the 215 million "unite" the Fund wants for its initial capital.

    (A "unit of account" is equivalent to the current United States dollar or 0.81851265 gramme of fine gold.)
    The African Development Bank has subscribed five million units, while the rest came from 13 non-African nations. Mr. Lapidi says he hopes more countries, including richer African states, will join. The United States and France are among countries which have not joined, although the former intends joining as soon as possible, conference sources said.

  • Tags

  • Data

    Film ID:
    VLVA22KMI6FVD2I5VAH6RUWJKK92O
    Media URN:
    VLVA22KMI6FVD2I5VAH6RUWJKK92O
    Group:
    Reuters - Including Visnews
    Archive:
    Reuters
    Issue Date:
    03/12/1972
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:01:18:00
    Time in/Out:
    /
    Canister:
    N/A

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