AfDB Approves USD 15.7 Million Grant for Economic Governance in Sierra Leone
The Board of Directors of the African Development Bank Group (AfDB) on 14 September 2011 approved a grant of USD 15.7 million to Sierra Leone to finance the second Economic Governance Reform Program. The grant, from the AfDB Fragile States Facility, will be disbursed in two parts in 2011 and 2012.
The program aims to strengthen public financial management and revenue governance in the mining and energy sectors. It will also increase government’s fiscal space for pro-poor expenditure in line with the poverty reduction strategy. The program is an integral part of a broader set of Bank interventions designed to support good governance and state building agenda. It will be complemented by an institutional capacity building project to improve public financial management and business enabling environment for private sector development in Sierra Leone.
The program is fully aligned with Sierra Leone’s development priories as specified in the Poverty Reduction Strategy II, known as the “Agenda for Change”, which focuses on promoting economic growth by improving governance, infrastructure and human resources development. It is also consistent with the AfDB/World Bank Joint Assistance Strategy for Sierra Leone.
The African Development Bank Group will continue to work closely with the Government of Sierra Leone, civil society organisations and development partners to ensure that the program objectives are achieved and enhance donor coordination to effectively support country-led reforms and development program.