World Bank Halts Gabon Funding Amidst Debt Crisis
The World Bank has stopped disbursing funds to Gabon due to debt arrears of 17 billion CFA francs. The suspension comes as a result of inadequate resource mobilization on the global market. Efforts are underway to resolve this, with Gabon having active World Bank projects worth $214.5 million.
- Country:
- Gabon
The World Bank has ceased funding to Gabon due to a debt arrears issue amounting to 17 billion CFA francs, which translates to $27 million.
The move comes after Gabon's failure to sufficiently mobilize resources internationally, according to the country's public accounts ministry.
Efforts to address these arrears are ongoing, with Gabon actively involved in World Bank projects valued at $214.5 million as of October.
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