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African Bank, AU sign $8.9m dev. agreement

January 30, 2014

The African Development Bank (AfDB) has approved a $8.9 million grant to the African Union Commission over the period of three years to boost service delivery.While signing the agreement on Wednesday in Addis Ababa , the Vice president of the AfDB group, Mr. Charles Boamah said the grant would strengthen the capacity of African countries to effectively implement regional infrastructure programmes and projects. Over the last six years, the Bank had invested $20 billion in infrastructure while in year 2012 alone the total Bank Group lending operations amounted to $6.5 billion of which infrastructure constituted 49 per cent or $3.185 billion of total lending. The AUC Deputy Chairperson, Mr.Eratus Mwencha, commended the bank for the support and pledged to ensure that the funds were appropriately utilised. The Signing of the agreement was part of the activities of the 22nd Ordinary Session of AU Assembly of Heads of State and Government holding in Addis Ababa, Ethiopia .

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Source: Agence de Presse Africaine

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