THE FIFTH ANNUAL CONFERENCE OF THE AFRICAN DEVELOPMENT BANK'S BOARD OF GOVERNORS OPENED IN FREETOWN, SIERRE LEONE, ON TUESDAY (AUGUST 26) WITH A PLEA FOR AFRICAN ECONOMIC CO-OPERATION, AND PROCEDURAL PROBLEMS OVER THE ELECTION OF A NEW PRESIDENT.

IN HIS OPENING SPEECH, TO THE 31 NATION BANK, THE PRIME MINISTER OF SIERRE LEONE, MR. SIAKA STEPHENS, APPEALED TO THE AFRICAN CONTINENT TO FIND A COLLECTIVE SOLUTION TO ITS PRESENT ECONOMIC FRAGMENTATION.

HE EXPRESSED THE HOPE THAT THE AFRICAN DEVELOPMENT BANK, WHICH HAS AN AUTHORISED CAPITAL STOCK OF USD250 MILLION, WOULD NOW GIVE PHYSICAL REALITY TO THE IDEA OF AFRICAN ECONOMIC CO-OPERATION.

THE RETIRING PRESIDENT OF THE BANK, MR. MAHMOUN BEHEIRY, FROM SUDAN, ANNOUNCED MOVES TO START AN AFRICAN DEVELOPMENT FUND TO PROVIDE FINANCE ON CONCESSIONARY TERMS FOR DESERVING PROJECTS AND PROGRAMMES.

MR. BEHEIRY, WHO HAS BEEN PRESIDENT FOR THE FIRST FIVE YEARS OF THE BANK, ANNOUNCED HE WOULD NOT STAND FOR RE-ELECTION AND THE ELECTION OF A NEW PRESIDENT BECAME BOGGED DOWN IN PROCEDURAL PROBLEMS.

MR. BEHEIRY REVEALED THAT THE BANK IS ALSO EXAMINING HOW PRIVATE FUNDS WITHIN AND OUTSIDE AFRICA CAN BE MOBILISED TO ESTABLISH A PRIVATE DEVELOPMENT FINANCE COMPANY.

THE BANK'S COMMITMENTS TO DATE, HE SAID, TOTALLED 11 MILLION U.S. DOLLARS IN RESPECT OF PROJECTS WITH AN ESTIMATED TOTAL INVESTMENT OF 40 MILLION U.S. DOLLARS. THESE INCLUDE INVESTMENT IN NATIONAL DEVELOPMENT BANKS, INDUSTRY, AGRICULTURE AND FISHERIES, IRRIGATION, URBAN AND RURAL WATER SUPPLIES, ROAD AND RAILWAY TRANSPORT, AND POWER.

HE ANNOUNCED THAT AN AFRICAN DEVELOPMENT BANK DAY IS PLANNED THROUGHOUT MEMBER-COUNTRIES FOR SEPTEMBER 10 THIS YEAR TO MARK THE FIFTH ANNIVERSARY OF THE BANK.