ADB Supports Common Court of Justice and Arbitration
Accra, Oct. 1, GNA - The African Development Bank (ADB has signed an agreement with the Common Court of Justice and Arbitration (CCJA) under which CCJA would receive a grant of 1.096 million dollars from the African Development Fund (ADF) to finance an institutional support project.
The CCJA is the key arm of the Organisation for the Harmonization of Business Law in Africa (OHADA).
Mr Bisi Ogunjobi, Vice-President of ADB in charge of West and Central Region Operations, signed for his company while Mr Seydou Ba, President of OHADA initialled for his organisation.
Speaking at the ceremony witnessed by the ADB Secretary-General, Mr Cheikh Ibrahima Fall, the General Counsel, Mr Adesegun Akin-Oulgbade and OHADA officials, in Tunis, the temporary headquarters of ADB, Mr Ogunjobi said the grant was one way of realizing the objectives of the Bank's new Vision of encouraging good governance.
He said through the promotion of rights in the service, the development and Africa regional integration could be assured.
A statement made available to the GNA in Accra, said Mr Ba commended the support to OHADA, saying the ambition of the institution was to progressively unify the business laws of all African States.
He said the Court, which groups 16 countries in the African Franc zone, has since its inception in 1998 disposed of 51 out of 163 contentious disputes brought before it.
It has given its opinion on 15 of 16 requests for interpretation and application of treaties and uniform Acts made by national jurisdictions as well as making two rulings on six cases brought through arbitration while four others were being processed.
The objectives of the project grant are to help CCJA to efficiently and promptly deliver its opinions, rulings and decisions on matters that fell within its jurisdiction as well as help facilitate the acceptance of the harmonized business law regime in Africa.
The ADF grant would finance the entire foreign exchange costs and 90.48 per cent of the local currency costs.