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Abidjan, Côte d’Ivoire – Executive Directors of the African Development Bank Group (AfDB) met in Abidjan on Wednesday, September 17, 2014, and approved five projects worth US $144.4 million for Mali, Angola and Burkina Faso.
€16.8 million for the diversification of Moulin Moderne du Mali M3
The Board approved a €16.8-million (10.8 billion francs CFA) private sector corporate loan to help Mali’s agro-food company, Moulin Moderne du Mali M3 diversify its activities.
The loan, to be provided through the local currency framework in CFA, francs, will help M3 set up seven production chains on its site at Ségou, in northern Mali, for the production of pasta, wheat, millet and maize, couscous and flour.
The total cost of the diversification project is estimated at 36 billion francs CFA. The Banque Atlantique du Mali and the West African Development Bank (BOAD) are also supporting the project, which is expected to create 317 direct jobs on completion.
M3 is a limited liability company established in Mali in 2007. Its lead shareholder is Modibo Keita, a Malian entrepreneur with extensive experience in the agro-industry sector.
US $51.8 million for regional food and nutrition security project in Mali
The Bank will support the Koulikoro Region Food and Security Enhancement Project (PReSAN-Kl) in Mali with combined loans and grant amounting to US $51.8 million.
These comprise a US $10-million loan from the Nigeria Trust Fund, US $4.56-million from the African Development Fund and a US $37.21 million from the Global Agriculture and Food Security Programme (GAFSP). PReSAN-KL, which targets six irrigation sites in Koulikoro region, is expected to boost food security and reduce poverty for thousands of people, especially women and smallholder farmers.
It will focus on increasing agricultural output (10,600 tonnes of rice and 20,300 additional tonnes of vegetable produce) through efficient surface water management, creation of development poles involving private stakeholders, better organization of farmers and specific emphasis on value chain development.
The project´s operations in Koulikoro region will also help to offset projected farm yield deficits from the northern regions of the country affected by the security crisis. The development and consolidation of irrigation schemes in the abandoned plains provides an opportunity to create jobs and develop adapted services that involve the private sector.
AfDB approves US $24.85-million loan for private sector institutional capacity building in Angola
The Board approved a loan of US $24.85 million to the Republic of Angola in support of the country’s efforts towards economic diversification, private sector development, and job creation for a more inclusive economic growth.
The project aims to promote competitiveness of enterprises and entrepreneurship, (ii) support the development of the Initiative for the Promotion of Cooperatives (CPI), and (iii) project management, monitoring and evaluation. It will create an economic intelligence unit; establish an academy of entrepreneurship; and include the development of a regulatory framework for the development of cooperatives.
In so doing, the Bank will play a catalytic role in strengthening and structuring institutional capacity support to the private sector in Angola.
The overall expected outcomes are: (i) capacity building for public support services to micro, small and medium-sized enterprises; (ii) development and dissemination of information on enterprises and the national economy; (iii) promotion of exports and internationalization; (iv) implementation of a development strategy for the Cooperatives Promotion Initiative; (v) preparation of regulations for cooperatives; and (vi) the establishment of a knowledge management system on cooperatives.
US $15.2 million ADF grant for economic transformation and job creation project in Burkina Faso
The Economic Transformation and Job Creation Support Project (PATECE) aims to consolidate private sector development institutions and promote the structural transformation of the economy in Burkina Faso.
The project’s direct beneficiaries are the private sector support institutions. The indirect beneficiaries are private sector operators including micro, small and medium enterprises, especially those managed by women.
The final beneficiaries include the population of the whole country who will enjoy better living conditions thanks to inclusive private sector growth which generates jobs, particularly in promising sectors with high value-added.
The Bank intervention combines financial support with technical assistance in continuation of previous Bank programmes, aimed at improving the business environment.
Strong female participation is expected in vocational training centres, rising significantly from 9% in 2010 to 30% in 2015. The project will also contribute to institutional development and knowledge building in Burkina Faso, particularly in the areas of private sector development.
US $30.4 million to support private sector in Burkina Faso
The Private Sector Promotion Support Programme (PAPSP) in Burkina Faso is a general budget support operation to be implemented in two tranches over the period 2014-2015. The main objective of the programme is to promote private sector development for inclusive and sustainable growth.
The specific objectives are to: (i) strengthen the institutional support to private sector development; (ii) encourage the emergence of sectors with high value-added; (iii) support the emergence of growth-stimulating activities with a view to facilitating the structural transformation of the economy and employment.
Supporting reforms to encourage private sector development and the transformation of the economy will help to accelerate economic growth in a sustained and inclusive manner, as well as consolidate and diversify exports. The general budget support is expected to strengthen the country’s public finance which remains in a very fragile situation.
The Bank’s assistance is part of the integrated approach, combining reform support and capacity building, and is a continuation of the reforms supported through the Bank’s previous PASCACAF* programme, particularly with regard to improvement of the business environment.
PAPSP is expected to help to consolidate progress in stabilizing the macroeconomic framework while providing economic growth that is more inclusive and generates sustainable employment.
* PASCACAF is the French acronym for the Accelerated Growth Strategy and Business Environment Support Programme.