The African Development Fund (FAD) -- was formally established at a meeting in the Ivory Coast on Wednesday (29 November).
GV TILT DOWN EXT Conference building
SCU PAN Minister Denise enters conference room
SV United States delegation PAN TO Danish and other delegations
SV Ivory Coast delegates and president of conference
SV Belgian and other delegates applaud
SV Denise speaks
GV PAN West German and Dutch and others listen to speech
SCU African delegates applaud
SV M. Labidi and delegates from West Germany, Denmark, Belgium, Canada, Brazil, Finland, Italy, Holland signing (10 shots)
GV Delegates at conference (2 shots)
Initials BB/1700 RW/PN/BB/1640
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Background: The African Development Fund (FAD) -- was formally established at a meeting in the Ivory Coast on Wednesday (29 November).
The President, Mr. Abdelwahab Labidi, said the fund should be active towards the end of next year. But so far, only about 90 million "units of account" have been subscribed, against the 215 million "unite" the Fund wants for its initial capital.
(A "unit of account" is equivalent to the current United States dollar or 0.81851265 gramme of fine gold.)
The African Development Bank has subscribed five million units, while the rest came from 13 non-African nations. Mr. Lapidi says he hopes more countries, including richer African states, will join. The United States and France are among countries which have not joined, although the former intends joining as soon as possible, conference sources said.