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Africa's biggest investors1 and lenders are making available another $15 billion to help the continent weather the global financial crisis.
President of African Development Bank Donald Kaberuka in Dakar, 12 May 2009
The $15 billion is meant to promote trade, strengthen Africa's financial sector2, and increase lending for agricultural projects, infrastructure3, and small- and medium-size businesses.
The increased support to help Africa cope with the global financial crisis is a coordinated4 response from the African Development Bank, the French Development Agency, the European Investment Bank, the Development Bank of Southern Africa, German Financial Cooperation, the World Bank, and the International Islamic Trade Finance Corporation.
Those agencies say pooling resources enables African governments to more effectively reduce the humanitarian5 costs of the global economic slowdown while addressing longer-term structural6 issues that have traditionally hampered7 growth.
Opening the African Development Bank's annual meeting in Dakar, Treasurer8 Pierre Van Peteghem says the agency has been meeting the challenges of the financial crisis with more than $5 billion worth of grants and loans approved last year. That is up nearly 14 percent from 2007.
Van Peteghem says the principle task for the bank in this difficult time is accelerating support for countries that are economically distressed9, particularly those who no longer have enough equity10 to meet emergency expenses.
He says the African Development Bank is working to maintain commercial flows affected11 by the significant withdrawal12 of foreign banks which have caused local banks to lose their lines of credit and have thus undercut financing for infrastructure.
Van Peteghem says the Bank's response to the financial crisis aims to limit the danger of economic recession and the negative effect that would have on meeting United Nations millennium13 development goals.
He says the slowdown could wipe out African gains in the recent past with economic crises leading to financial and social crises as growth slows and debt is more difficult to repay.
The bank expects falling commodity prices will result in average African budget deficits14 of more than five percent for 2009, compared to an average three percent surplus last year.
1 investors | |
n.投资者,出资者( investor的名词复数 ) | |
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2 sector | |
n.部门,部分;防御地段,防区;扇形 | |
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3 infrastructure | |
n.下部构造,下部组织,基础结构,基础设施 | |
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4 coordinated | |
adj.协调的 | |
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5 humanitarian | |
n.人道主义者,博爱者,基督凡人论者 | |
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6 structural | |
adj.构造的,组织的,建筑(用)的 | |
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7 hampered | |
妨碍,束缚,限制( hamper的过去式和过去分词 ) | |
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8 treasurer | |
n.司库,财务主管 | |
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9 distressed | |
痛苦的 | |
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10 equity | |
n.公正,公平,(无固定利息的)股票 | |
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11 affected | |
adj.不自然的,假装的 | |
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12 withdrawal | |
n.取回,提款;撤退,撤军;收回,撤销 | |
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13 millennium | |
n.一千年,千禧年;太平盛世 | |
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14 deficits | |
n.不足额( deficit的名词复数 );赤字;亏空;亏损 | |
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