For the first time in its three-year history, the Arab Bank for Economic Development in Africa, has met outside its member countries.
GV PAN ACROSS Conference hall (Mute)
GV INTERIOR Dr. Ayari speaking
SV Delegates seated (2 shots) (Mute)
GV Mauritius Minister of Finance Sir Veerasamy Ringadoo speaking
GV Delegates seated (Mute)
AYARI: "Mr. Minister, let me start by introducing my fellow board members of the Arab Bank for Economic Development in Africa. Dr. Della Assma (phon). from Syria, Mr. Mustafa Ali Karaf (phon.) from Algeria, Mr. Hamad Sherriff (phon.) representing Libya, Mr. Hamoud (phon.) Kuwait, Mr. Laribi (phon.) is Secretary of the Committee, Mr. Fanela Hasowe (phon.) representing Iraq, Mr. Mohammed Mor (phon.) Egypt, and Mr. Mohammed Apel (phon.) Saudi Arabia. First of all I would like to thank you for your kind hospitality to inviting us to write us to be here in Mauritius islands. My colleagues and myself are grateful to the hospitality of .. we have been .. found here since we came in your beautiful country."
RINGADOO: "Mr. President and friends, I would like to thank you Mr. President and you are also Chairman of the board meeting, I would like to thank you for asking me to come this morning to start a .. the opening of this part of the proceedings of your board meeting. My Prime Minister has asked me to convey to all of you here, his very best wishes."
The three newly-agreed projects are a hydro-electric project for Mauritius costing about 10 million US dollars (GBP 5 million sterling), a rural development scheme for Upper Volta costing 4.5 million US dollars (GBP 2.25 million sterling), and a sewerage and rain drainage project for the capital of Burundi costing 4 million US dollars (GBP 2 million sterling). In addition 100,000 US dollars (GBP 50,000 sterling) will be provided for the African seminar on telecommunications, which will be held later this year in an Arab state under the sponsorship of the Organisation of African Unity and the League of Arab States.
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Background: For the first time in its three-year history, the Arab Bank for Economic Development in Africa, has met outside its member countries. The fifth session of the Board of Directors met earlier this week (21-23 June) in Le Morne, mauritius. The Bank has capital amounting to 231 million U.S. dollars (GBP 115.5 million sterling), and it is the only Arab multilateral institution geared to aid for the development of non-Arab African countries.
The meeting was presided over by the Chairman of the Board of Directors, Dr. Chedly Ayari, who thanked the Mauritian Minister of Finance, Sir Veerasamy Ringadoo.
Sir Veerasamy Ringadoo responded to Dr. Ayari's remarks on behalf of his government.
The Bank's directors later agreed to finance three more projects and a seminar on telecommunications.