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ABIDJAN, Ivory Coast, March 6, 2022/ -- Six African countries will soon benefit from a grant from the Transitional Support Facility (TSF) of the African Development Fund, through a project designed to strengthen national capacity for governing natural resource outflows in Africa.
The African Development Fund is the concessional lending arm of the African Development Bank Group. The Transitional Support Facility has awarded a $2.8 million grant for the Governing Natural Resource Outflows for Enhanced Economic Resilience in Fragile and Transitional Countries (GONAT) project in the selected fragile and transitional countries: the Central African Republic, Chad, Democratic Republic of Congo, Mozambique, Sierra Leone and Zimbabwe. The project was approved in February this year and is expected to be completed by the end-2023.
The project will be implemented by the African Development Bank’s African Natural Resources Centre, building on its ongoing work around illicit trade in Africa’s natural resources (https://bit.ly/3hFIzTF) and resource-backed loans. It will strengthen the capacity to analyse, monitor, and govern natural resource outflows. In addition, the project will provide policymakers with technical assistance and policy advice.
“Natural resources have the potential to catalyse growth and development in transitional countries. Improved governance of natural resource outflows will support countries’ efforts to achieve sustained recovery from the COVID-19 pandemic, help them to better manage their debts, and reposition their economies for the future,” said Vanessa Ushie, the Acting Director of the African Natural Resources Centre.
The project supports the African Development Bank Group’s policy dialogue on sustainable development, a strategic priority under the last capital increase of the Bank and the replenishment of the African Development Fund. It will contribute to the achievement of the Bank’s High 5 strategic priorities, the AU’s Agenda 2063 and the UN Sustainable Development Goals by boosting domestic revenue mobilisation from Africa’s natural resource sector.
Distributed by APO Group on behalf of African Development Bank Group (AfDB).
Contact:
Amba Mpoke-Bigg
Communication and External Relations Department
African Development Bank
email: a.mpoke-bigg@afdb.org
About the African Development Bank Group:
The African Development Bank Group (AfDB) is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 37 African countries with an external office in Japan, the AfDB contributes to the economic development and the social progress of its 54 regional member states.
For more information: j.mp/AfDB_Media
SOURCE
African Development Bank Group (AfDB)
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