AfDB grants €12 million to Democratic Republic of Congo to modernize its public finances

30/05/2012
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On 29 May, the African Development Bank (AfDB) made a grant of €12 million to the government of the Democratic Republic of Congo in support of the project to modernize the country’s public finance system.  The agreement took place in Arusha, Tanzania, where the AfDB is currently holding its Annual Meetings.

This grant will enable the DRC to enhance the reorganization of its fiscal management services, to improve the resource allocations and enhance the efficiency of its public finance management in the three provinces of Lower and Eastern Congo as well as Maniema.

Patrice Kiteba, the DRC minister in charge of finance in the Office of the Prime Minister, and Kemal El Kheshen, the AfDB’s vice president in charge of social sector operations co-signed the grant protocol, respectively for the country and the AfDB.

“The government of the Democratic Republic of Congo is satisfied with the excellent partnership between it and AfDB,” declared the Mr Kiteba, while expressing his satisfaction with “this grant which will ensure development synergies since it will sustain fiscal administrative frameworks.”

Welcoming the ambitious objectives outlined in the support programme as well as the efforts being made in the context of overall administrative reforms in the DRC, Mr El Kheshen emphasized the role that the AfDB will continue to play, “in order to ensure sustainable and balanced development in the country which is endowed with immeasurable potential.”

To date, AfDB Group cumulative approvals for the DRC are estimated at about USD 2.9 billion.