Côte d'Ivoire: The World Bank will review its aid - December 7, 2010
Pressure is mounting on the Cote d'Ivoire, Laurent Gbagbo and Alassane Ouattara were both sworn in as president Saturday, and have appointed a prime minister each Sunday, just hours apart. The political crisis worries the international community. The UN, U.S., France, the European Union, Great Britain, La Francophonie and also the Economic Community of African States (ECOWAS) took a stand in favor of Alassane Ouattara . Sunday night, the World Bank and African Development Bank (AfDB) are mounted slot.
The two institutions said in a joint statement they questioned the advisability of continuing to help Côte d'Ivoire."We hope to continue working with the Ivorians in the fight against poverty, but it is difficult to do effectively in a context of uncertainty and prolonged tension," they have said. The two banks, expressing their "frustration", recall that the presidential election, which was "long overdue" and whose second round took place on November 28, was "supposed to bring peace, stability and lay the groundwork 'Better Governance' in the country.
According to the World Bank and the AfDB, a prolonged crisis will plunge more Ivorians in poverty and adversely affect the stability and economic prosperity of the whole region."Therefore, in accordance with our policy, we will continue to monitor events closely and to reassess the usefulness and effectiveness of our programs since the breakdown of institutional functioning," she has warned.
Loan programs reviewed
The World Bank has invested heavily in the progress of the electoral process in Côte d'Ivoire. Its president, Robert Zoellick went there in January 2010. A field trip during which he assured the outgoing President Laurent Gbagbo of institutional support for the "reunification of the country." However, the World Bank had linked the cancellation of three billion dollars of foreign debt (estimated to total $ 12.5 billion) in the conduct of presidential elections, which were delayed for years.
The institution have other arguments in size.The World Bank has committed U.S. $ 207.79 million (155 million euros) in various projects to support the Ivorian economy in 2010, after funding $ 209 million (156 million euros) in 2009 and a record $ 320.22 million dollars (239.5 million euros) in 2008. Since the outbreak of the global economic crisis in mid-2008, the International Development Association (IDA), the branch of the World Bank that provides grants and low interest loans to the 79 poorest countries in the world which half are in Africa, has committed 7.8 billion dollars for the SSA countries during fiscal year 2009, a figure up 36% over 2008.