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The African Develoment Fund, the soft loan arm of the African Development Bank, has approved the equivalent of a US $4.26 million-grant for institutional support to the Democratic Republic of Congo.
The grant, to be drawn from the Technical Assistance Fund, will go to support projects aimed to boost the government's capacity to manage its macroeconomic and public investment programmes. In addition, the money will support structures to the Emergency Multisectoral Rehabilitation and Reconstruction Programme of the war-torn country.
The grant, the bank said, would enable the government to improve its management capacities in the allocation of state funds to social sectors, thereby contributing to poverty alleviation.
"Strengthening of the effectiveness and pertinence of economic and financial programmes will promote substantial and sustained growth benefiting the least privileged segments of the population," the bank reported.
It said the grant would be used to pay for the entire foreign exchange component and 88 percent of the local currency costs of the project, estimated at the equivalent of $4.50 million.
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