The French-based Caisse Centrale de Cooperation Economique (Central Bank for Economic Co-operation) has made a loan to the Ivory Coast of 860 million france CFA (about 1,323,000 pounds sterling).
GV & CU EXTERIOR.. Ministry of Economy and Finance
GV & CU Konan Bedie PAN to Michel Penent and aide
CU Portrait of President
CU & GV Ministers sign agreement (5 shots)
Initials ES. 1545 ES. 1555
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Background: The French-based Caisse Centrale de Cooperation Economique (Central Bank for Economic Co-operation) has made a loan to the Ivory Coast of 860 million france CFA (about 1,323,000 pounds sterling).
The agreement was signed in Abidjan on November 23 by M. Michel Penent, the Bank's Director in Abidjan, and M. Henri Konan Bedie, the Ivorian Minister of Economy and Finance. The money will be repaid over 15 years at three and a half per cent interest. It will be used for experimental rice-growing in four areas -- Gagnos, Daloa, Danane and Toulepleu.
SYNOPSIS: The Ministry of Economy and Finance in Abidjan was the scene of a simple ceremony which could ultimately lead to a dramatic transformation of the Ivory Coast's agriculture.
M. Henri Konan Bedie, the Economics and Finance Minster, had negotiated an agreement by which the Ivory Coast will borrow one and a third million pounds from a French Bank. The deal was worked out with M. Michel Penent, the Bank's Ivory Coast Director.
Under a portrait of President Houphouet-Boigny, the two men signed the agreement. The loan will pay for experiments in four low-lying areas in growing rice. If they are successful, the pilot schemes could mean the growth of an important and profitable branch of agriculture in the Ivory Coast, using land which is not suitable for other crops. The loan is repayable over fifteen years.