Burundi Obtains US$ 150.2 Million AfDB Debt Relief

Tunis, 22 April 2009 –The Board of Directors of the African Development Bank (AfDB) Group has approved Burundi’s qualification for a debt relief of US$ 150.2 million as at end 2004 Net Present Value (About US$ 241.70 million), after it reached completion point under the Enhanced Highly Indebted Poor Countries (HIPC) Initiative.

Burundi also qualifies for US$ 15.38 million from the AfDB’s Multilateral Debt Relief Initiative (MDRI) in line with the package approved by the Board on Wednesday, 22 April 2009, in Tunis.

AfDB Endorses Extractive Industries Transparency Initiative (EITI)

The African Development Bank (AfDB) Group has endorsed the Extractive Industries Transparency Initiative (EITI), which is expected to enable mineral rich African countries derive greater benefits from oil, gas, mineral and other natural resources, by publicly disclosing revenues and using their proceeds for development. This endorsement comes ahead of the International Conference on the EITI scheduled to take place in Oslo, Norway from October 16-17 2006, to which President Kaberuka is leading a Bank delegation.