INTRODUCTION: The African Development Bank is to renew its efforts to attract more foreign capital for its activities.
GV PAN Conference building with flags
GV PAN Banners
GV INT President Gnassingbe Eyadema of Togo and other delegates at top table, taking seats
SV & CU President of council of governors, Mr. Abdoulaye Kone, speaking (2 shots)
SCU PAN Delegates listening
GV President Eyadema speaking (2 shots)
SV PAN People at top table
GV Delegates listening
SV President Eyadema ending his speech and delegates applauding (3 shots)
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Background: INTRODUCTION: The African Development Bank is to renew its efforts to attract more foreign capital for its activities. Perturbed by the near-static rate of development throughout Africa -- especially in agriculture and communications -- the bank is to create nearly 112,000 new shares and to see, more foreign-nation members.
SYNOPSIS: Delegates from the 50 member-nations of the African Development Bank (ADB) met in Lome this month (May 11-15) on the 15th anniversary of its foundation. Over 20 countries outside Africa have been major contributors to the bank's affiliate -- the African Development Fund (ADF) -- which provides loans to the least-developed nations in the continent.
The president of the council of governors, Mr. Abdoulaye Kone, said he saw the institution as a privileged instrument for the building of peace and well-being in Africa. The members dedication to creating a new economic order could be viewed as "the spirit of Lome", he said.
President Eyadema of Togo also stressed the need for peace between African countries to provide a firm base for economic growth. For more than 20 years, he said, most African states had bowed to foreign sovereignty. Despite its vast potential, the continent was far from free of violence, instability and conflicts inflamed by foreign powers seeking to enlarge their spheres of influence, and to exploit Africa's natural resources.
Some members are against allowing foreign nations to join. Others, like President Eyadema's Togo, think it is vital to bring in as much capital as possible to the continent. The meeting agreed to admit India and Austria to their ranks. Increased subscriptions to the ADF will also be sought, to meet a target of 2.4 billion (two point four billion) dollars by 1984.