On Wednesday, the World Bank suspended financial assistance to war-torn Ivory Coast for failing to pay its debts, choking off vital aid to the worlds top cocoa grower. The World Bank said the Ivory Coast owed it a total of 80,9 million US dollar (469 mio. DKR).
– This action has been taken in accordance with the World Banks established policy of placing all its IBRD (World Bank) loans and IDA (International Development Association) credits to, or guaranteed by, a country in non accrual status if payment on any loan or credit is overdue by more than six months, the bank said in a statement.
According to the World Bank web site, about 4,9 billion US dollar in loans and credits have been approved for the Ivory Coast since April 2003 for its cocoa sector, and infrastructure, health, transportation and energy projects.
The World Banks move to suspend financial assistance to the Ivory Coast comes as foreign aid dwindles to the West African country, split in two since war broke out in 2002.
The World Bank statement said the country was in arrears on 64,2 million US dollar on loans of 443 million dollar and 16,7 million dollar overdue to the IDA on credits outstanding of 1,8 billion.
– All overdue payments to IBRD and IDA must be cleared before any new loans/credits can be extended or disbursements on already approved loans/credits can be resumed, the statement said.
Kilde: www.worldbank.org
