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African Development Bank to Resume Lending to Ivory Coast - 2002-04-05


The African Development Bank has announced plans to resume lending to the Ivory Coast after freezing loans to the country in September 2000 for defaulting on loan payments.

In 1998, most international donors had frozen lending amid concerns about corruption. A coup in 1999 led to two years of political and economic turmoil, preventing Ivory Coast from paying its external debts.

Reuters News Service says Ivory Coast paid off its arrears to the African Development Bank last week and the bank decided this week to resume lending to the country. Other donors have taken similar actions in recent weeks.

Some information for this report provided by Reuters and AFP.

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