Ministers of Finance and other officials from member countries of the West African Economic Community have been meeting in Togo.
Ministers of Finance and other officials from member countries of the West African Economic Community have been meeting in Togo. The meeting of the Community's Development Fund began on Monday (10 July) at a conference centre in Lome.
SYNOPSIS: The outgoing President of the Community Development Fund, Mr. Yao Grunitzky, gave the opening address of the conference with a run down of the Fund's business since it last met in January 1978. The Fund is made up of the Ivory Coast, Mali, Mauritania, Senegal, Niger, Upper Volta, Benin and Togo. The Fund is financed by member states according to their respective shares in the trade of industrial products within the community.
Mr. Grunitzky passed over the presidency of the Fund to the Benin Minister of Finance, Mr. Isidore Amoussou. Mr. Amoussou paid tribute to the work of Mr. Grunitzky during the past year. He outlined to delegates the coming year's work. A major function of the Fund is to compensate for certain types of trade loss and to finance economic development projects in member countries.