African Development Bank Ends Sanctions on Gabon
Date
11/13/2023 6:54:51 AM
(MENAFN) The African Development bank (AfDB) has officially lifted financial sanctions imposed on Gabon in the aftermath of the August coup that removed President Ali Bongo from power. The decision, made at the beginning of last week, follows successful negotiations between Gabonese interim authorities and the AfDB, marking a significant milestone in rebuilding trust between the Central African nation and the multinational financial institution.
The announcement, conveyed by the Gabonese Economy Ministry in a statement on social media platform X (formerly Twitter), highlighted the positive outcome of talks held in October between the Gabonese interim government and senior AfDB officials in Morocco and the Republic of Congo. Economy Minister Mays Mouissi expressed his satisfaction with the decision, emphasizing that the lifting of AfDB sanctions and the resumption of disbursements for various projects signify weeks of dedicated efforts to mend relations between Gabon and its donors.
Crucial to the removal of sanctions was the repayment of Gabon's debts to the AfDB by the coup leaders at the end of the previous month. This move, which restored confidence, paved the way for the AfDB to lift punitive measures against Gabon. The AfDB's decision positions Gabon as the first international institution to ease restrictions on the country since the political upheaval in August, allowing for the continued flow of loans and grants to support various development projects.
The coup in August, led by Gabonese soldiers, prevented Ali Bongo from serving a third term as president. Bongo had been in office since 2009, succeeding his father, Omar Bongo, who had ruled Gabon for over four decades. The political transition resulted in the suspension of Gabon's membership in both the African Union's Peace and Security Council and the Economic Community of Central African States.
The lifting of AfDB sanctions is a significant step towards normalizing Gabon's international standing and fostering cooperation with global financial institutions. As Gabon navigates this period of political transition, attention turns to the potential restoration of its memberships in regional organizations and the broader implications for the country's diplomatic and economic relations.
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