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World Bank, African Development Bank suspend Mali funds@

Updated Friday, March 23rd 2012 at 00:00 GMT +3

The World Bank and African Development Bank on Thursday condemned the military coup in Mali and suspended project financing to the West African country, the institutions said in a joint statement on Thursday.

"Our development operations are suspended, with the exception of emergency assistance," the institutions said, calling for a speedy resolution of the crisis.

The overnight mutiny by low-ranking soldiers toppled President Amadou Toumani Toure's government. The soldiers were angered by the government's failure to end a two-month-old separatist rebellion in the north of the West African country.

The statement by the World Bank and African Development Bank followed a move by the regional decision-making body ECOWAS, which said it would not recognize the junta.

-Reuters

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