(formerly IRIN News) Journalism from the heart of crises

ADB grants government US $43 million

The African Development Bank (ADB), the continent's foremost lending institution, has given the cash-strapped Democratic Republic of Congo (DRC) US $43 million and lent it another $15 million.

The bank's vice-president, Bisi Ogunjobi, signed the deal with the government on Monday in Kinshasa, the nation's capital, a week after World Bank President James Wolfensohn announced a $450-million grant to the country. Future ADB aid to the DRC - ruined by four years of war - will serve to provide the public with potable water, education, and health services.

This agreement marks the resumption of ADB aid to the DRC, after a hiatus of five years. In June, the bank approved a mechanism to clear the country's $800 million debt to the institution and the African Development Fund, which represented 60 percent of the DRC's total debt to the bank.

Ogunjobi commended the government's efforts to stabilise the currency and bring inflation under control. He is due to end his five-day visit on Tuesday.

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