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Vol 37 No 12

Published 7th June 1996


On the mend

The accountants have overhauled it but the bank still lacks a mission

Morocco's Omar Kabbaj is a man to make the trains run on time. Under his Presidency, the annual meeting of the African Development Bank (22-23 May) finished a day early and without the usual public displays of acrimony that have characterised bank meetings in recent years. Two days earlier, donors had agreed a $2,500 million replenishment for the bank group' s soft loan African Development Fund and are to meet later this month in Osaka to discuss supplementary funding. At a financial presentation in Abidjan during which it was announced the bank would be borrowing another $500 mn. this year, bond dealers nodded with approval at the Kabbaj style.

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