November 26, 2004 Ottawa -- Canada, through the Canadian International Development Agency (CIDA), is contributing $5.7 million to promote economic development in West Africa. Jacques Saada, Minister responsible for La Francophonie, made the announcement on behalf of International Cooperation Minister Aileen Carroll at the Francophonie Summit in Ouagadougou, Burkina Faso. "The initiatives announced today will make a positive contribution to sustainable development in the region, including economic governance, private sector development and poverty reduction," said Minister Carroll. "All of this will go towards helping achieve the Millennium Development Goals, the internationally agreed set of goals and targets for reducing global poverty." Today's announcement has two components. The first, a $3.1-million contribution over three years, will support World Bank initiatives that assist the West African Economic and Monetary Union's efforts to reform the market in West Africa. The second component is a $2.6-million allocation to support the transformation and modernization of six savings and credit networks in West Africa. Economic growth generated by the private sector is a key component for sustainable poverty reduction. The vast development program of West Africa's financial market has a value of more than US$400 million. This program, under the aegis of the World Bank and the Banque Ouest Africaine de Développement, buildS on the positive results of a project financed by CIDA between 1998 and 2004. Canada has contributed to the creation of small-scale credit and savings initiatives in Africa since the early 1970s. Some of these initiatives became major financial institutions each serving hundreds of thousands of people, who are considered among the poorest people in the world. "Canada recognizes that economic growth is necessary for sustainable development," said Minister Saada. "These initiatives will help put in place the conditions necessary for such growth, through reform and strengthening of markets as well as through better cooperation between credit union networks." The Prime Minister and Minister Saada are participating in the Summit in Ouagadougou from November 26 to 27. Funding for these initiatives was provided for in the March 2004 federal budget and is therefore built into the existing fiscal framework. - 30 - Information: Andrew Graham Director of Communications Office of the Minister of International Cooperation Telephone: (819) 953-6238 Media Relations Office Canadian International Development Agency (CIDA) Telephone: (819) 953-6534 E-mail: info@acdi-cida.gc.ca Web site: www.cida.gc.ca (electronic version of document)
