Franco-Nigerian Agreement (October 26, 2006)
Opening of a 2 million euros “Projects Study and Planning Fund”
Between Agence Francaise de Developpement (AFD) and
the National Planning Commission (NPC)
In Abuja, October 26, 2006
- From R to L : Michel GAUTHEY, the Deputy Director of AFD-West Africa; HE M Yves GAUDEUL, Ambassador of France to Nigeria; Dr Osita OGBU, Economic Adviser to the President and CEO of the National Planning Commission
In the presence of HE M Yves GAUDEUL, Ambassador of France to Nigeria, M Michel GAUTHEY, the Deputy Director of AFD-West Africa, and Dr Osita OGBU, Economic Adviser to the President and CEO of the National Planning Commission, signed an agreement on the creation of a “Projects Study and Planning Fund” thanks to a 2 million euros (320 million Nairas) donation from Agence Francaise de Developpement.
This agreement is AFD’s first commitment to Nigeria and bears testimony to the growing importance of this country on the African continent. The agreement has been made possible by the policy of economic reforms initiated by the Nigerian authorities and the international community’s renewed confidence in the country, symbolized by Nigeria’s external debt cancellation by the Paris Club, which represented for France a financial contribution worth $3.6 billion.
The setting up of such a fund should help identify projects within AFD’s traditional scope of intervention : rural development, improvement of basic infrastructures (electricity, for example), which might get future financing through concessional loans.
Agence Francaise de developpement (AFD) is the French government institution in charge of financing France’s co-operation policy. It is active in sectors contributing to the Millenium goals such as health, education, agriculture, urban planning and basic infrastructures. AFD is currently present in more than 30 countries ; its interventions take the form of donations and concessional loans.