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G8 NATIONS PLAN MICRO-CREDIT INITIATIVE FOR AFRICA
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THE G8 group of countries is expected to unveil a special micro-finance initiative for Africa during its next annual summit. Details of the package are currently being worked out and will be announced when the 33rd G8 summit gets underway in Germany in June.
Donald Kaberuka, President of the Africa Development Bank, made the announcement during the 10th anniversary celebration of the association of Rwandan women parliamentarians in Kigali. "I have been reliably informed that the upcoming G8 German Presidency is proposing to the G8 and associated-G8 membership a special micro-finance initiative for Africa."
He said that the ADB would support the micro-finance fund because of its potential to help Africa change its capacity to fight poverty, and he welcomed and endorsed the initiative and expected the African Development Bank as well as the World Bank to collaborate closely with the initiators in conceptualising and targeting the initiative.
Mr Kaberuka said the challenge of eliminating poverty will be impossible unless countries can promote sustained and not volatile economic growth. Recently, the Organisation for Economic Co-operation and Development (OECD) reported that the target commitment by rich countries to double aid to Africa was heading off course.
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