The Chairman of the Arab Bank for African Development, Doctor Chedly Ayari, announced in Khartoum on wednesday (5 December) that more than 35 million dollars would be distributed for aid projects in various African countries.
The Chairman of the Arab Bank for African Development, Doctor Chedly Ayari, announced in Khartoum on wednesday (5 December) that more than 35 million dollars would be distributed for aid projects in various African countries. He stressed that the Bank is helping a total of thirty-six African countries regardless of government policy or religion. We are an Arab Bank, he said, not a Moslem one.
SYNOPSIS: The Chairman of the Arab Bank for African Development Dr Chedly Ayari met newsmen at the Bank in Khartoum. The Bank has been in operation for just over five years. It helps government-backed projects in countries throughout Africa. And it is dedicated to helping establish a new international economic order. The bank's one stipulation is that it will not deal with any country that maintains relations with Israel. Dr. Ayari told newsmen that as a result of the Camp David Accord -- the peace treaty signed between Israel and Egypt -- Egypt is no longer a member of the Bank.
At the Bank's fifteenth session held in Khartoum on the first and second of December, six new loans were provided. Angola will be lent ten million dollars to help finance a project aimed at rehabilitating the country's railways. The Comoro Islands will receive one and a half million dollars for a telecommunications network. Their existing communications network is considered obsolete.
Gambia will receive just over five million dollars to help finance a project to expand the Yundum International Airport, and Kenya's Industrial Development Bank will receive the same amount towards various national programmes aimed at building the industrial sector of the economy. The Bank's Board of Directors approved a loan of almost four million dollars for a road development project in Lesotho, and ten million dollars for Mali, to contribute to the financing to their section of the Trans-Sahara highway.