ADB earns award for poverty reduction effort
The Tunisian-based African Development Bank (ADB) has earned 'The World Bank President's Award for Excellence' in recognition of its untiring efforts to contain the incidence of poverty among its Regional Member Countries (RMCs).
In making the award, The World Bank notes that the Board of Directors of the African Development Fund (ADF), the soft loan window of the ADB, approved in November 2002 a loan of $ 58.86 million in support of the Uganda poverty reduction program co-financed with the World Bank and other donors.
The staffs of the ADB Group participated jointly with the World Bank in the preparation and several review missions for this operation, and were active in the various in-country discussions on the program and its financing within the framework of donor coordination and agreed partnership principles laid down by the Government of Uganda.
Some countries have attained remarkable progress in poverty reduction due to the implementation of appropriate policies, ADB officials observed during the 2003 Annual Meetings of the ADB Group. This is the case for Uganda where two million people have crossed over the poverty line in 10 years.
The Bank Group, set up in 1964 "to contribute to the economic development and social progress of its regional members - individually and jointly", espouses poverty reduction as the primary objective of its interventions in regional member countries (RMC).
The Bank's Vision adopted in 1999 enunciated its mission "to assist Regional Member Countries to break the vicious cycle of poverty in which they are entrapped," by facilitating and mobilizing the flow of external and domestic public and private resources as well as by promoting investment, providing technical assistance and policy advice to the RMCs. — (menareport.com)
© 2003 Mena Report (www.menareport.com)