The African Bank of Development celebrated 13 years of achievements at an annual meeting of the board of governors in Port Louis, Mauritius on Monday (2 May).
The African Bank of Development celebrated 13 years of achievements at an annual meeting of the board of governors in Port Louis, Mauritius on Monday (2 May). Some 700 delegates took part in the conference which is expected to last until Saturday (7 May).
SYNOPSIS: The African Development Bank (ADB), whose headquarters is in Abidjan, was established in Khartoum in August, 1963. Almost all the members of the Bank are also members of the Organisation of African Unity.
Since its establishment, the ADB has asserted itself as a full-fledged and effective instrument of co-operation between the member countries, as well as an instrument of economic and social progress.
As of the 31st of December, 1975, the ADB had granted loans and made investments totalling more than 416 million US dollars involving 127 projects and studies in almost all of its member countries. The Bank's commitments account for roughly 50 per cent of the total cost of the projects financed.
One such project which the Bank invested in was a fertiliser company in Abidjan. The company now trades with both African and European countries. It produces sulphate, ammonia, phosphate and chloride. The raw materials for the plant are imported from France, the United States, Belgium, the Congo, Senegal and Togo. Ten per cent of the products are exported to Upper Volta and Chad and the remaining 90 per cent are consumed by the local market. The ADB has also financed other projects in Abidjan, including the construction of new roads and bridges.
Just prior to the meeting in Port Louis, the President of the African Development Bank, Dr. Kwame Fordwor and the Minister of Finance of Mauritius, Sr. V. Ringadoo signed an agreement for a loan of six million dollars to the Government of Mauritius. The money will help to finance the final stages of a massive drainage project. The loan, the fourth to Mauritius, brings the total ADB commitment in the country to 17.6 million US dollars.