Public Management

AfDB pledges $208mln to support Congo’s economy

AfDB pledges $208mln to support Congo’s economy
Wednesday, 18 December 2019 17:36

The African Development Bank (AfDB) announced on Monday that it is dedicating $208 million to support Congo’s economy. The loan is set to foster the implementation of the country’s economic and financial reforms support project (PAREF) which aims to create the conditions for sustained economic growth through the strengthening of fiscal consolidation and the recovery of the economy.

With this aid, Congo will better cope with the decline in tax revenues and the effects of the recent drop in oil barrel prices, which has led to a slowdown in economic growth. It will also improve debt and fiscal risk management by strengthening the government's fiscal mobilization capacities.

“By approving this operation, the bank will support Congo to finance its critical social expenditures, clear its external arrears and pay its internal arrears to support the private sector, which has been hit hard by the economic crisis,” said Abdoulaye Coulibaly who heads the Bank’s Governance and Public Financial Management Coordination Office.

As a reminder, the Pan-African Bank's portfolio in Congo-Brazzaville includes six operations in the public sector only, for an estimated $231 million in commitments.

Moutiou Adjibi Nourou

Additional Info

  • communiques: Non
  • couleur: N/A
On the same topic
DRC launches campaign to diversify investors in government securities 98% of bonds now held by banks; aim is to reduce risk and broaden...
Verdant Capital has invested $3 million in Nigerian fintech Bfree to help recover distressed loans in Africa. The deal will allow Bfree to...
Côte d’Ivoire will receive $234 million for a sustainable urban mobility project in Abidjan. Gambia will receive $32.2 million to build...
Stanbic IBTC and Zenith Bank cut monthly card spending abroad to $500 and $200 Foreign reserves fall by $3.5 billion in six...
Most Read
01

• Inflation within the West African Economic and Monetary Union (UEMOA) fell to a two-year low of 0....

UEMOA: Inflation Drops to 0.6% in May, Driven by Lower Food Prices
02

• Qatar Airways and Kenya Airways establish strategic agreement, introducing a third daily flight be...

Qatar Airways Expands its Network in Africa, Building Presence in Kigali, Johannesburg, and Nairobi
03

• Interbank volumes rose 18.7% in May, while rates declined across the market• The BCEAO cut its mai...

WAEMU Sees Easing Conditions on Regional Interbank Market
04

• EY is preparing to leave Francophone Sub-Saharan Africa by 2026• The exit could unlock $500 m...

EY’s Exit Creates $1bn Opportunity in Francophone Africa Consulting Market
05

As cybersecurity asserts itself as a pillar of digital sovereignty in West Africa, technology-free z...

Cybersecurity Key to Côte d'Ivoire's Tech Future– VITIB's N'ZI
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.