AfDB and Togo Sign USD 14.33 million Budget Support Grant Agreement
Tunis, 14 October 2010 - The African Development Bank (AfDB) Group and Togo on Wednesday, October 13, 2010, signed two budget support grant agreements amounting to USD 14.33 million.
The grants will be used to finance the country’s Economic and Financial Governance Institutional Capacity Building Support Project (PARC-2).
The agreements were initialed at the AfDB’s Temporary Relocation Agency in Tunis by the Togolese economy and finance minister, Adji Oteth Ayassor, and the AfDB Acting Operations Vice President, Gabriel Negatu.
The first grant of 7.547 USD million is from African Development Fund (ADF) and the second grant, estimated at 6.784 USD million, falls within the framework of the Fragile States Facility (FSF).
The PARC-2 involves improving public finance management and building internal resource mobilization capacity in the country.
The grants will also be used in the effective operationalization of Togo’s audit court by providing it with the resources necessary for it to meet its objectives, the operationalization of regulatory bodies and increased transparency in public procurements.
The AfDB plays a key role in efforts at supporting public finance management reforms in Togo. The AfDB is one of Togo’s partners of choice. It was the first development partner to reengage with the country after more than 15 years following a breakdown in dialogue with the international finance community.