São Paulo – The African Development Bank (AfDB) should contribute US$ 7.5 million for the International Monetary Fund (IMF) to proceed with the development of an economic assistance project in the African nations. The funds will be used by the Fund in the third phase of the African Technical Assistance Centres (Afritacs). The Afritac project was created by the IMF in 2002 to help the countries assisted to create solid economic institutions and fight poverty. These centres operate in assistance and supply of public finances in the countries that are signatories of the project.
“The global economic and financial crisis, as well as continued vulnerabilities of African countries, make the policy advice and technical assistance provided through the Afriatacs even more relevant today,” said Mr. Aloysius Uche Ordu, vice-president at the AfDB, after the signing of the agreement on Sunday (25) in Washington, in the United States.
The first phase of Afritac, between 2002 and 2009, received US$ 6 million from the AfDB. From 2002 to 2005, half of these funds were used for installation of two Afritac centres in West and East Africa. The other US$ 3 million were invested from 2006 to 2009 in the implementation of the Afritac in the centre of the continent. Apart from helping monetary authorities in the African countries to adopt better economic policies, the Afritacs also supplies assistance for regional integration and coordination for the receipt of donations.
Afritac East is in Tanzania and provides assistance to seven countries in that region of the continent. Afritac West is in Mali and supplies ten countries in Africa that have French as their official language. The office in Central Africa, in Gabon, supplies another nine nations, whereas Afritac South, opened this year, covers 13 countries in southern Africa and on the coast of the Indian Ocean. Another office should be opened in Ghana to supply the countries in West Africa that do not speak French.
*Translated by Mark Ament
