The Council of Governors for the African Development Bank, and the African Development Fund have been holding their annual general meeting in the Gabonese capital, Libreville.
The Council of Governors for the African Development Bank, and the African Development Fund have been holding their annual general meeting in the Gabonese capital, Libreville. One of the main points to have emerged from their meeting is the need to expand the bank's contact with other international financial institutions. The meeting also produced some new loan agreements with African countries.
SYNOPSIS: While in Gabon, the various representatives from the African Development Bank's (ADB) 48 member countries travelled on one of Gabon's newest railway trains. The national Gabonese railway has received French aid in the past. On this occasion the driver was a French advisor. The need for there to be more subscriptions from non-African countries was one of the main areas of discussion at this year's meeting. In his opening speech last week, President Bongo spoke of the promising possibilities of financial cooperation between African states and wealthy Arab countries. He also made a point of thanking the United States for their recent contribution of 125 million dollars to the Bank's Central Reserve Fund.
Also to emerge from this year's meeting was the signing of new loan agreements with less well developed African states. Under the new agreements Rwanda was given a further 2.5 million U.S. dollars in addition to the 5.2 million dollars it has already received for its tea cultivation projects. Burundi received a loan of 965,000 U.S. dollars,assigned to cover the cost of a detailed technical study of a proposed new road scheme. Sao Tome and Principe received 8.6 million U.S. dollars to renew cocoa plantations. And Togo was assigned 6.3 million dollars to help finance a technical education project.