• Short Summary

    The African Development Bank and the African Development Fund met for a joint session in Dakar, Senegal, on Monday (4 May).

  • Description

    The African Development Bank and the African Development Fund met for a joint session in Dakar, Senegal, on Monday (4 May).

    The conference was opened by Senegal's President Senghor. On the opening day, the conference announced new membership for Guinea-Bissau and Equatorial Guinea. This brings the number of member states of the ADB to forty-one. Argentina, Italy and Saudi Arabia have become parties to the agreement of the ADF.

    The fund, which aims at mobilising foreign resources for development projects in Africa, already has 14 capital exporting countries including West Germany, Canada, Japan and the United Kingdom. The African Development Bank itself subscribed to the fund with five-and-a-half million dollars (2.2 million sterling).

    Several proposals are being discussed at this annual conference. The most important of these is to increase the capital stock of the ADB from US $320 million (130 million sterling) to US $400 million (160 million sterling).

    Another proposal, made by Morocco's King Hassan at last year's conference, is included in a report put before the delegates at Dakar. The proposal aims at broadening the scope of the ADB. This would be done by each African country with strategic commodities making some of them available for the Bank's use. This means that in the event of a monetary crisis the Bank would be able to cover for whatever credit it might request.

  • Tags

  • Data

    Film ID:
    VLVACVTIFIGKPJ2QCWCTJ6CQVWGEN
    Media URN:
    VLVACVTIFIGKPJ2QCWCTJ6CQVWGEN
    Group:
    Reuters - Incuding Visnews
    Archive:
    Reuters
    Issue Date:
    08/05/1975
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:01:05:00
    Time in/Out:
    /
    Canister:
    N/A

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