(Ecofin Agency) - From 2017 to 2019, the African Development Bank (AfDB) will back Gabon’s economic recovery plan, providing the country a budget support of $1.5 billion or around FCFA900 billion.

The first tranche of the facility, FCFA131 billion, was released in March. Remaining tranches will be paid over the three years during which the economic recovery plan will be implemented. The fund utilization will be permanently assessed by AfDB’s teams, and others from IMF and the World Bank.

The announcement for the support was made on September 18, 2017, in Libreville, by AfDB’s managing director for Central Africa, Ousmane Doré (photo). This during a mission of the official in the CEMAC countries, to meet with the region’s authorities and discuss the implementation of an AfDB-backed regional integration strategy. 

“The first tranche of the budget support has been released. We have discussed about the second phase at the same time we discussed the project which was approved; but still needs to be ratified. We tried to review everything to make sure the facility is well used, here in Gabon,” said M. Doré, after meeting with the minister of Economy, Regis Immongault.

Next week, he added, an assessment mission of the Bank will be in Libreville to discuss the release of the second tranche of the support with authorities. In the support provided by AfDB, Gabon’s agricultural sector is to receive FCFA137 billion.

SeM