ADB President on Impact of Rising Oil Price

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ADB President on Impact of Rising Oil Price

Tunis, 21 September 2005 - The President of the African Development Bank (ADB) Group, Mr. Donald Kaberuka, has stressed the need for the Bank to play a greater advocacy role within the international community on development issues affecting the continent.

He told members of the Board of Directors during his weekly meeting in Tunis on Wednesday that it was of particular importance that the Bank review the impact of rising oil prices on the economies of the regional member countries, share its findings with other donors and determine the Bank’s possible response.

Speaking during a Board discussion on the Country Strategy Paper for Niger, the President also emphasized the need to revisit debt sustainability analyses of some of the region’s poorest countries.

The ADB President has been emphasizing, since his September 1 inauguration, the need for the Bank to become the centre of development knowledge on Africa and an advocate for countries in the region.

His vision of the Bank also puts special emphasis on development effectiveness.

In a series of meetings with the senior management of the institution, he has consistently made reference to the need for the Bank to be effective in terms of development outcomes in Africa. "How do we organize ourselves to be a purposeful team with a mission to serve Africa?" he asked.

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