The Board of Directors of the African Development Bank Group granted a loan of 92 million euros to the Republic of Congo in Abidjan on 17 November 2023 to implement the first phase of the Economic Diversification Support Program.
The aim of the program is to strengthen the resilience of the Congolese economy and reduce its dependence on the oil sector with the aim of reconciling the need for growth with combating climate change.
“Implementing the program will focus on the effectiveness of public investments and modernizing the governance of public corporations. It will help to diversify the Congolese economy and promote productive sectors by strengthening competitiveness factors and generating value from natural resources that have been relatively neglected until now,” said Serge N’Guessan, Director General for the African Development Bank in Central Africa.
The program’s top priority is to strengthen budgetary discipline through more effective and transparent management of public resources, specifically public investments, and improve the governance and viability of public corporations. Among the expected results are strengthening the effectiveness of public investments through better management and more appropriate planning, modernizing the governance of public corporations and improving their performance, and updating the Public Procurement Code to guarantee greater 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.
In June 2023, the African Development Bank Group’s active portfolio in Congo comprised 10 projects, with a total commitment of 344.9 million euros.
• Maritime sector faces renewed risks amid military tensions in the Middle East• Blockade fears at S...
Lebara Group is now bringing its affordable and reliable mobile services to Africa, starting with Ni...
• Google unveils Veo 3, its latest AI tool for ultra-realistic video generation• Experts warn deepfa...
In a West African financial landscape marked by tighter regulation of the fintech sector, digital fi...
• Gates Foundation commits $1.6 billion over five years to Gavi.• Bill Gates warns of rising ch...
Libya signed a deal with TPAO to restart offshore exploration across four maritime zones The NOC is marketing 22 blocks and shifting to more...
Congo launched a 30,000-ton oil plant with Eni to supply Italy’s biofuel production. The project will support 80,000 hectares of local crop...
West African Resources began gold production early at Burkina Faso’s Kiaka mine, set to yield 234,000 oz/year. The project aims to reverse...
Liberia ranks 9th in Africa’s 2024 Electricity Regulatory Index, up 28% since 2022. Reforms boosted scores, but power supply remains unreliable,...
In northern Ethiopia, in the Tigray region, lies Axum (also spelled Aksum), an ancient city that once stood at the heart of one of Africa’s most powerful...
Lake Natron, located in northern Tanzania near the Kenyan border, is one of the most extraordinary and extreme lakes in Africa. Fed primarily by the Ewaso...