2023-11-18 13:20:13
Economic diversification of the Congo. The objective of the program is to strengthen the resilience of the Congolese economy and reduce its dependence on the oil sector, while ensuring that the imperatives of growth and the fight once morest climate change are reconciled.
The Board of Directors of the African Development Bank (AfDB) Group granted, on November 17, 2023 in Abidjan, a loan of 92 million euros to the Republic of Congo for the implementation of the first phase of the Program support for governance and economic diversification.
The objective of the program is to strengthen the resilience of the Congolese economy and reduce its dependence on the oil sector, while ensuring that the imperatives of growth and the fight once morest climate change are reconciled.
Making public investments efficient
“The implementation of the program will emphasize the efficiency of public investments and the modernization of the governance of public enterprises. It will promote the diversification of Congo’s economy and promote productive sectors by strengthening competitiveness factors and the valorization of hitherto little-exploited natural resources,” explains Serge N’Guessan, Managing Director of the African Development Bank in Central Africa.
As a priority, the program plans to strengthen budgetary discipline through more efficient and transparent management of public resources, especially public investments, and improved governance and the viability of public enterprises. Among the expected results, strengthening the efficiency of public investments through better management and more adequate planning, modernizing the governance of public enterprises and improving their performance and modernizing the Public Procurement Code to guarantee more efficiency, competition and transparency.
The program also aims to support the diversification of the Congolese economy and strengthen its competitiveness by improving the business environment, supporting reforms in the electricity sector and developing productive sectors.
As of June 2023, the African Development Bank Group’s active portfolio in Congo included ten projects with a total commitment of €344.9 million.
Par WritingEditorial Committee
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