The British Commonwealth Development Corporation (C.D.C.) is providing a loan of GBP 535,000 sterling (1,284,000U.S.)?
GV EXT Economic and France Ministry
SV PAN INT M. Bedie enters and is greeted by officials
MV Bedie and Hunter (on left) sit at table
SIDE V Delegates seated
MV Bedie signing agreement with Mr. Leech looking on (on right)
MV Hunter signing (on left Amethier)
SV Photograph of President Houphouet-Boigny
SV (FROM L. TO R.) Leech, Bedie, and Hunter drinking toast
Initials BB/1617 NPJ/DW/BB/1654
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Background: The British Commonwealth Development Corporation (C.D.C.) is providing a loan of GBP 535,000 sterling (1,284,000U.S.) to the African Rubber Plantations Society for the Ivory Coast (S.A.P.H.) The agreement was signed in Abidjan, capital of the Ivory Coast on Tuesday (27 August), by Development Corporation's regional representative. Mr. Samuel Hunter, and the Chairman of S.A.P.H., M. Jean-Baptiste Amethier.
It was the first time that the C.D.C. had diverged from its former policy of only helping former British colonial countries.
The loan is repayable over fifteen years at five per cent interest. The money will help in the development and expansion of rubber production in the Ivory Coast.
Also present at the signing ceremony was M. Konan Bedie, the Ivorian Minister of Finance and Economics. M. Bedie said the agreement showed the increasing close relations and collaboration between Great Britain and the Ivory Coast.
He said that the Ivory Coast Government regarded it as a important part of its policies to encourage cooperation between their country and a member of the European Economic Community.