Delegates from national development banks in 11 African countries met in Abidjan, the Ivory Coast capital, on Monday (21 July) for a special session of the Union of African and Malagasy development Banks (U.
Delegates from national development banks in 11 African countries met in Abidjan, the Ivory Coast capital, on Monday (21 July) for a special session of the Union of African and Malagasy development Banks (U.A.M.D.B.). The main topic was the establishment of a guarantee and development fund.
The meeting was opened by M. Rene Amichia, Director-General of the "Credit de la Cote D'Ivoire". He told delegates that the fund would create economic solidarity among the member countries.
Its object, he said, was to promote economic development and act as a guarantee to poorer members. It would also be a source of aid in the event of natural disasters.
The fund was first recommended during the summit meeting in Bangui, Central African Republic, of the Organization of African and Mauritian State (OCAM) last year. The General Secretary of O.C.A.M., Mr. Sydney Moutia, who has made an extensive study of the project, presented his report to the Abidjan meeting.
The delegates were from Mauritius, Chad, Upper Volta, the Congo, Dahomey, Republic of Gabon, Ivory Coast, Cameroon, Togo, Niger and the Central African Republic.
During the two-day meeting, delegates also studied the internal structure of their organization.
Synopsis: At a special meeting in Abidjan on Monday, delegates from African national development banks discussed the establishment of a common development fund. The eleven member countries of the Union of African and Malagasy Development Banks were represented at the session in the Ivory Coast capital. The meeting as opened by the Director-General of the "Credit de la Cote D'Ivoire", Rena amichia. He told the delegates the funds would create economic solidarity among the member states. He said its object was to promote economic development act as a guarantee, particularly to poorer members. The funds would also be used in the event of natural disasters.
The two-day meeting was also called to examine the internal structure of the Banks Union. The foundation of the fund was first recommended last year during a summit meeting of OCAM., the Organization of African and Mauritian States. The Abidjan meeting was called to study the OCAM proposals and ways in which the fund could be used.