African Development Bank revokes bans on Gabon after coup

(MENAFN) On Friday, the new military authorities declared that the African Development Bank (AfDB) has removed the financial sanctions imposed on Gabon following the ousting of President Ali Bongo in a coup in August.

The Gabonese Economy Ministry said in a statement on X (previously Twitter) that the decision was made at the beginning of the week after fruitful conversations with the AfDB, "marking a major turning point in restoring trust with the multinational financial institution."

“I welcome the lifting of the AfDB sanctions against Gabon and the resumption of disbursements in favor of the various projects. This decision rewards weeks of work in order to calm relations between Gabon and its donors,” added Economy Minister Mays Mouissi.

The minister reported that discussions between the interim government of Gabon and senior officials from the African Development Bank (AfDB) took place separately in October, with meetings held in Morocco and the Republic of Congo.

Additionally, the leaders of the coup took steps to settle Gabon's debts to the continental financing body by the end of last month, a move that reinstated confidence and paved the way for the removal of sanctions, Mouissi explained.

This development marks the African Development Bank as the initial international institution to rescind punitive measures against Gabon post-coup, enabling the Central African country to resume receiving loans and grants for its various projects.

MENAFN13112023000045015839ID1107415871