In the Ivory Coast, President Felix Houphouet-Boigny presided over the opening session of the fifteenth annual conference of the African Development Bank in Abidjan on Tuesday (14 May).
In the Ivory Coast, President Felix Houphouet-Boigny presided over the opening session of the fifteenth annual conference of the African Development Bank in Abidjan on Tuesday (14 May). The meeting was also attended by the board of directors of the African Development Fund. The two bodies are the most important financial institutions in Africa, linking development projects on the continent with overseas economic interests and international aid organisations.
SYNOPSIS: The joint conference was held in Abidjan's Hotel Ivoire. Almost six hundred delegates attended the meeting, including finance ministers from the forty-eight member states of the African Development Bank and about twenty European, American Asian and Arab delegations representing the African Development Fund. President Houphouet-Boigny welcomed the conference members to his country and outlined the significance of the two organisations for Africa. He told delegates that greater international co-operation was necessary to encourage global peace and security. Within Africa he said this was particularly essential with many nations struggling towards full economic development.
President Houphouet-Boigny stressed the importance of linking financial growth to humane principles, so that concern for the economy does not over-ride compassion, concern for the quality of life and the national conscience. Among the delegate listening to the Ivory Coast President were representatives from the United Nations, the Organisation of African Unity and several international banking concerns. During the past year, the African Development Bank has financed a total of seventy projects on the continent, costing more than four hundred and twenty million dollars.