ADB approves debt relief

The African Development Bank (ADB) on Wednesday approved debt relief amounting to US $86.7 million for Burkina Faso and US $72.80 million for Mauritania. The bank said this would reduce their annual debt service obligations to the ADB by up to 80 percent, leaving them more resources for poverty reduction. Meanwhile, ADB's board of directors on Wednesday approved a loan of about US $21.3 million to finance an economic recovery support programme in Cote d'Ivoire. The programme aims to reform the macro-economic environment, revitalise agricultural sub-sectors, and create enabling conditions for private sector development with special emphasis on activities aimed at promoting private investment and improving the competitiveness of enterprises. Its goals also include improving governance, financial management and effectiveness of public expenditure, as well as people's living conditions and their full participation in the country's development, ADB said.