INTRODUCTION: The Association of African Financial Institution for Development opened its seventh Assembly in Togo last week (6 May) with one problem high on the agenda -- the high cost of borrowing money, described as the discouragement of all African initiatives.
SV IFAD President Rene Amichia speaking at rostrum.
SV Audience seated listening.(3 SHOTS)
SV Ivory Coast delegation seated.
SV PAN Togolese delegates seated.
SVs Views of delegations seated. (5 SHOTS)
SV PAN Audience seated with headphones listening to interpreters.
SV Togolese Minister for Economics and Finance Tete Tevi Benissan speaking.
GV Audience applaud.
SV PAN Official seated on podium.
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Background: INTRODUCTION: The Association of African Financial Institution for Development opened its seventh Assembly in Togo last week (6 May) with one problem high on the agenda -- the high cost of borrowing money, described as the discouragement of all African initiatives.
SYNOPSIS: The meeting, opened by the Association's President Rene Amichia, tackled vital problems concerning the scarcity of available resources for Africa's developing countries. The talks in Lome were preparing the way for the annual conference on Monday (11 May) of the 50-nation African Development Bank (ADB) and its affiliate, the African Development Fund. The main issue of this conference was the replenishment of the fund. It received contributions worth over one billion U.S. dollars up to 1980.
More than 20 countries outside Africa, including most Western industrial nations, have been major contributors to the fund. It provides soft loans to the continent's least-developed nations with an average income for each person of less than 250 dollars a year. Oil-producing Arab countries are not major contributors to the fund, because they already finance African development programmes through their own special funds, running into millions of dollars.
A number of nations, including Libya, are opposed to a third replenishment of the African Development Fund. But Togo's President Gnassingbe Eyadema declared on Monday (11 May) it was high time for all countries which bought Africa's raw materials to realise their prosperity depended on the survival of their African partners.