In 2003, the African Development Bank continued to promote poverty reduction and sustainable economic growth in the African region. Despite the difficulties resulted from the temporary relocation of the headquarters to Tunisia, the Bank successfully fulfilled the loan target of 2003. The total amount of the projects approved in 2003 increased significantly by 11 percent, with total loans and grants reaching UA1.76 billion.
For countries of the African Development Fund, the Bank has taken measures to align their national strategy reports with the poverty reduction strategy reports, and to provide loans in light of their performance. The Bank has also step up its assessment of development results of these countries. We are satisfied with the above progress.