African bank removes restrictions on previous French colony
Date
11/15/2023 7:05:53 AM
(MENAFN) In a significant development, the African Development Bank (AfDB) has officially lifted financial sanctions on Gabon in response to the Political upheaval that unfolded in August, leading to the removal of President Ali Bongo in a coup. The announcement, made by the new military authorities on Friday, marks a pivotal moment for Gabon's economic prospects and underscores the successful negotiations with the AfDB.
The decision to lift the sanctions was reached at the beginning of last week, following a series of fruitful discussions between the Gabonese interim government and senior AfDB officials. The Gabonese Economy Ministry, in a statement on X (formerly Twitter), described the move as a "major turning point in restoring trust with the multinational financial institution."
Economy Minister Mays Mouissi welcomed the decision, stating, "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." The minister highlighted separate rounds of talks held in October between the Gabonese interim government and AfDB officials in Morocco and the Republic of Congo.
A crucial factor contributing to the lifting of sanctions was the repayment of Gabon's debts to the AfDB at the end of the previous month by the coup leaders. This action not only restored confidence but also facilitated the removal of punitive measures, signaling a positive step towards rebuilding economic ties.
The AfDB's decision holds significance as it positions Gabon to once again receive loans and grants for its various projects, making it the first international institution to lift punitive measures against the Central African country since the coup. The lifting of sanctions is expected to contribute to the country's economic recovery and stability.
The political upheaval in Gabon unfolded on August 30 when Gabonese soldiers led a coup that prevented Ali Bongo from serving a third term as president. Bongo had been in power since 2009, succeeding his father, Omar Bongo, who had ruled Gabon for more than four decades. The AfDB's decision reflects a commitment to supporting the country's transition and reintegration into the international economic community.
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