Bank Group Approves Côte d’Ivoire’s US$ 517 million Arrears Clearance Package and grants US$ 123 million for Economic and Financial Reforms

Tunis, 6 March 2009 – The African Development Bank (AfDB) Group sent a resounding message of support to Côte d’Ivoire on Friday, with the approval of a Global Country Strategy Note (2009-2010), an Arrears Clearance Plan as well as an Economic Reform Support Programme (PAREF). This marks a milestone in the cooperation between the Bank Group and Côte d’Ivoire and paves the way for reengagement of other development partners.

Mozambique: Financial Sector Technical Assistance Project

Tunis, 4 October 2005 – The African Development Fund (ADF), has approved a grant of  6.80 million Units of Account  (UC*), equivalent to US$ 9.92 million to finance the  Mozambican Financial Sector Technical Assistance Project (FSTAP).

The overall objective of the project is to improve the soundness and efficiency, reach and depth of the Mozambican financial system so as to enhance its contribution to economic growth and poverty reduction.

Malawi: US$ 14.67 Million ADF Budget Support for Poverty Reduction

Tunis, 6 March 2009 – The Board of Directors of the African Development Fund (ADF), the concessionary arm of the African Development Bank (AfDB) Group, has approved a grant of 10 million Units of Account (UA*), equivalent to US$14.67 million to finance Malawi’s poverty reduction and public financial management reform programs.

The grant will support key reform measures aimed at enhancing the budget process, audit and procurement functions in order to improve transparency and accountability in the use of public resources.

East African Submarine Cable System reaches financial close-The African Development Bank Signs Loans for the EASSy Cable Project

Tunis, 23 November 2007 – The African Development Bank (AfDB), along with other participating development financial institutions (DFIs) have signed loan agreements for the East African Submarine Cable System (EASSy), the landmark fibre-optic cable project that will connect 22 coastal and land-locked African countries to each other and the rest of the world with high-quality Internet and international communications services.