The African Development Bank and the African Development Fund met for a joint session in Dakar, Senegal, on Monday (4 May).
GV International flags, TILT DOWN TO Entrance to conference hall
SV President Senghor being greeted by officials
GV President and officials enter building (2 shots)
SV INTERIOR Views of delegates (3 shots)
SV President being introduced to speak
SV Delegates putting earphones on and President speaking (2 shots)
GV Delegates listening (3 shots)
Initials CL/1707 CL/1720
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Background: The African Development Bank and the African Development Fund met for a joint session in Dakar, Senegal, on Monday (4 May).
The conference was opened by Senegal's President Senghor. On the opening day, the conference announced new membership for Guinea-Bissau and Equatorial Guinea. This brings the number of member states of the ADB to forty-one. Argentina, Italy and Saudi Arabia have become parties to the agreement of the ADF.
The fund, which aims at mobilising foreign resources for development projects in Africa, already has 14 capital exporting countries including West Germany, Canada, Japan and the United Kingdom. The African Development Bank itself subscribed to the fund with five-and-a-half million dollars (2.2 million sterling).
Several proposals are being discussed at this annual conference. The most important of these is to increase the capital stock of the ADB from US $320 million (130 million sterling) to US $400 million (160 million sterling).
Another proposal, made by Morocco's King Hassan at last year's conference, is included in a report put before the delegates at Dakar. The proposal aims at broadening the scope of the ADB. This would be done by each African country with strategic commodities making some of them available for the Bank's use. This means that in the event of a monetary crisis the Bank would be able to cover for whatever credit it might request.