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Tunis, 15 July 2009 – The African Development Bank (AfDB) Group will support Comoros’ efforts to build strong and efficient public institutions with a grant of US$ 8.2 million (5.26 million Units of Account*) approved on Wednesday, 15 July 2009, in Tunis.
The Institutional Capacity Building Project (ICBP) Grant, approved by the Board of Directors of the African Development Fund (ADF), the concessionary window of the AfDB Group, will help to strengthen institutional capacity in terms of economic and financial management, especially public resource management and monitoring, as well as the design and implementation of poverty reduction policies.
The project is in line with Comoros’ 2006-2009 Interim Poverty Reduction and Growth Strategy (PRGS-I) as well as the 2009-2013 PRGS, which is currently being prepared with special emphasis on improving public resources management as part of the country’s post-conflict consolidation, after a decade of civil strife.
The intervention complements the Bank’s economic and financial governance reforms which aim at generating synergies between both operations. The ICBP will contribute, among other things, to mitigating the fiduciary risk of this operation. In addition, synergies will be generated between the ICBP and PAREGF. It is a targeted operation that ties in with national priorities and is coordinated, harmonized and complementary with the interventions of other technical and financial partners.
The ICBP will be executed over a period of 3.5 years and will contribute to the institutional capacity building of key departments in charge of public resource management.
The ADF grant will finance the entire project.
* 1 UA Units of Account) = 1.55223 US$ on 15/07/2009