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January 22, 2007
Financial firms vow to back African businesses
By SOMAN BABY, Gulf Daily News
MANAMA: Regional financial institutions yesterday offered their support to
African countries in developing business enterprises using the Bahrain
Model.
A meeting in Bahrain to discuss the projects was led by United Nations
Industrial Development Organisation (Unido) director-general Dr Kandeh
Yumkella, a former minister of trade, industry and state enterprises in his
country, Sierra Leone.
He opened the high-level consultative meeting on the Investment and
Enterprise Development Programme in the Mano River Union.
The meeting was organised jointly by Unido and the Arab Gulf Programme for
United Nations Development Organisations.
It was attended by the ministers of trade industry and small enterprises as
well as the secretary-general of the Mano River Union countries of Sierra
Leone, Liberia and Guinea.
Leading regional financial institutions such as the Jeddah-based Islamic
Development Bank (IDB), Bahrain-based Kuwait Finance House (KFH) and
Dubai-based EMAAR Industries & Investment, as well as Agfund, offered their
support to fund projects in African countries in partnership with Unido.
The Bahrain Model of Enterprise Development is to be used as a blueprint to
nurture development in the countries, said Unido-Investment and Technology
Promotion Office (ITPO)-Bahrain head Dr Hashim Hussein.
Dr Yumkella visited the Bahrain Business Incubator Centre in Hidd yesterday.
The meeting yesterday at the Unido-ITPO office was also attended by Sierra
Leone Trade and Industry Minister Dr Kady Sesay, Liberia's Commerce and
Industry Deputy Minister Pete Norman, Unido ITPOs co-ordination unit chief
Victor Zakharian, Unido Arab Programme chief Dr Mohamed El Gallaf, and
officials from various financial institutions.
Before leaving Bahrain, Dr Yumkella will meet Industry and Commerce Minister
Dr Hassan Fakhro to discuss the development of co-operation programmes
between Unido and Bahrain.
Dr Yumkella will speak on Unido's involvement and activities in the water
sector at the official opening of the fourth International Water Middle East
2007 at the Bahrain International Exhibition Centre today.
Dr Yumkella is accompanied by senior staff from Unido headquarters in Vienna
and the Unido country office for the Mano River Union countries.
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© Gulf Daily News
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