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DR Congo

World Bank resumes assistance to DR Congo

Kinshasa, DR Congo (PANA) - The World Bank has granted DR Congo 50 million US dollars, the largest amount to the country from the Bank for over a decade, according to Callisto Madavo, the Bank's Vice-President for the African Region.
Madavo told a news conference in Kinshasa that the grant was a testimony to the Bank's confidence in the development programme initiated by the Congolese government.

He said the Bank was reaffirming its commitment to help Kinshasa "in its efforts for recovery, peace and reconciliation".

Recalling the Bank's efforts to assist the Congolese government in the elaboration of a mining code aimed at attracting investors, he said the Bank's Resident Representative would be returning to Kinshasa in early December following the re-opening of its office.

"We are actively working with the government to draw up a development programme," Madavo said, adding that the problem of arrears owed the Bank by DR Congo could be resolved through the implementation of this programme, expected to attract more funding from the Bank and other institutions.

DR Congo's foreign debt is estimated at 13 billion US dollars, including 500 million dollars in arrears owed the International Monetary Fund (IMF) and 300 million dollars owed the World Bank.

Meanwhile, the World Bank is helping the Kinshasa government to reduce inflation from 511 percent in 2000 to 100 percent by the end of 2001.

During his three-day visit to DR Congo, Madavo held talks with President Joseph Kabila, whom he commended for his commitment to peace and the current economic reform in the country.

The World Bank official was also briefed on Congo's recovery plan by the Economic and Financial Commission of the Kinshasa government.

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