The Mineral Industry Of Other Areas Of Africa - The Territory Of Afars And Issas

The Territory of Afars and Issas is to receive its independence from France on June 27, 1977. The Territory's economic income was based on entrepôt trade through the port of Djibouti and trans-shipment of goods on the Chemin de Fer Franco-Ethiopian (CFE) railroad. The Territorial budget was scheduled to in- crease from $32.6 million3 in 1976 to $36 million in 1977, despite severe shortfalls in 1976 stemming from inflation and a persistent balance-of-trade deficit. Subsidies from France continued to sustain the economy, and the French pledged to provide approximately $140 million in aid annually after independence. In 1976, financial agreements were concluded with a number of Arab oil-producing countries, including Saudi Arabia which granted $10 million toward development projects. The new Republic of Djibouti is scheduled to become the 49th member State of the Organization of African Unity (OAU) and the 21st member of the Arab League, and to receive aid from their financial institutions. The port of Djibouti and the CFE railroad constituted the Territory's main economic resources. Traffic at the port greatly