International Bank Group Signs Loan Agreements with African Countries

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Last updated at: (Beijing Time) Friday, June 06, 2003

International Bank Group Signs Loan Agreements with African Countries

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The African Development Bank Group (ADBG) has signed loan and grant agreements worth about 390 million US dollars with 10 African countries to finance various socio-economic programs and projects there.

The countries include Uganda, Algeria, Mozambique, Namibia, Burkina Faso, the Democratic Republic of the Congo, Ghana and Cameroon.

Founded in 1964, the ADBG is the premier development financing institution in Africa. It has financed more than 2,800 loan and grant projects.

The group is composed of the African Development Bank (ADB), the African Development Fund and the Nigerian Trust Fund.

The ADB has just concluded its 38th annual meeting in Addis Ababa, capital of Ethiopia, during which some delegates made speeches on issues such as the development of Africa.

The ADB, a multinational development bank established in 1964 and headquartered in Abidjan, Cote d' Ivoire, currently groups 77 nations from Africa, North America, South America, Europe and Asia.

The bank is dedicated to combating poverty and improving the lives of people in Africa, and engaged in the task of mobilizing resources towards the economic and social progress of its member countries.

The bank is currently sojourned in Tunis due to the conflict inCote d'Ivoire.

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