FROM THE OFFICE OF PUBLIC AFFAIRS

I welcome the decision by the African Development Bank (AfDB) deputies to approve a financial framework for AfDB's participation in the enhanced HIPC debt relief initiative. This takes the international community another step closer to making debt relief a reality for over 25 of world's poorest countries.

This agreement and the June 20 approval by the Inter-American Development Bank (IDB) Board of Governor's Working Group on HIPC of a financial framework for IDB's participation in the enhanced HIPC initiative, both symbolize strong regional and non-regional cooperation in financing debt relief.

A significant funding gap remains. A substantial contribution by the U.S. is urgently needed to finance these agreements for Africa and Latin America. We urge the Congress to provide the funding for the Administration's HIPC budget request.