Fonds D'Investissements Pour Le Developpement Economique Et Social
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The Investment Fund for Economic and Social Development (french: Fonds d'Investissements pour le Developpement Économique et Social, or FIDES) was a
development finance institution A development financial institution (DFI), also known as a development bank or development finance company (DFC), is a financial institution that provides risk capital for economic development projects on a non-commercial basis. , total commitme ...
active in the French colonial empire, notably in
Africa Africa is the world's second-largest and second-most populous continent, after Asia in both cases. At about 30.3 million km2 (11.7 million square miles) including adjacent islands, it covers 6% of Earth's total surface area ...
. It was established in 1946. It was widely criticized for having failed in many development programs. René Dumont (1962) writes of FIDES:
"within the framework of FIDES very large sums were granted to French-speaking Africa. In face of the immense needs, however, they seemed quite modest. The aid could in fact have been increased many times without a corresponding tax pressure, had
France France (), officially the French Republic ( ), is a country primarily located in Western Europe. It also comprises of overseas regions and territories in the Americas and the Atlantic, Pacific and Indian Oceans. Its metropolitan area ...
had the courage politically to decolonize more rapidly. Forty-six percent of the FIDES grants, particularly in the first four-year plan, were used to build roads, ports and airports. These were indispensable to open up the countries, but could have been achieved at less cost."
Paul Nugent states that "the consensus among historians is that FIDES amounted to much more than an ideological figleaf. It did channel substantial resources into the African colonies - initially (as in the British case) into infrastructural development, but later also into industrial enterprises and agricultural projects."Nugent, Paul (2004) Africa since independence, Palgrave Macmillan, Basingstoke.


References


Further reading

* *Paul Nugent (2004) Africa since independence, Palgrave Macmillan, Basikngstoke Defunct organizations based in France 1946 establishments in France French colonial empire {{Europe-org-stub