World Bank $454M for DRC approved.

  1. 13,265 Posts.
    lightbulb Created with Sketch. 525
    World Bank Supports Democratic Republic Of Congo's Emergency Rehabilitation Program

    World Bank (Washington, DC)

    PRESS RELEASE
    August 6, 2002
    Posted to the web August 7, 2002

    Washington, DC

    The Board of Directors of the World Bank today approved a US$410 million credit and a US$44 million grant to the Democratic Republic of Congo (DRC) to help it finance part of a $1.7 billion emergency reconstruction and rehabilitation effort.

    This Multisector Rehabilitation and Reconstruction Program will assist the DRC in improving agricultural production and enhancing food security, restoring critical infrastructure and essential social services, and strengthening the capacity of government to formulate and implement its development programs. Resources will be used to rehabilitate and reconstruct economically vital roads and other transport infrastructure (including rural feeder roads), rebuild electricity, water and drainage systems, and support health care, education, social protection and small-scale community service projects. The US$44 million IDA grant will be allocated to the health sector and support the government's efforts to prevent and treat HIV/AIDS, malaria, tuberculosis, and other communicable diseases, and provide health care services targeted to specific groups, notably mothers, children, orphans and victims of war.

    "The Government has demonstrated its commitment to implementing economic reforms and tackling governance issues, but success depends on the rapid availability of external support, " Emmanuel Mbi, World Bank Country Director for DRC, told the Board. "Experience in other post-conflict countries, in Africa and elsewhere, shows that the early provision of "peace dividends," in the form of concrete actions that reach the population, is critical to sustain the momentum for peace. Experience also shows that the medium-term recovery of a country of the size of the DRC is critical for growth and poverty alleviation in the subregion."

    The IDA Project will support this overall Program and is an integral part of the Bank's Transitional Support Strategy discussed by the Board in July 2001. It builds on early experience from the successful implementation of the Early Emergency Recovery Project, funded through a $50 million IDA grant approved in July 2001. It complements actions supported through the Emergency Recovery Credit approved on June 13, 2002.

    The Program has been designed as a multidonor program. It provides a framework for mobilizing donor resources, ensuring that resources are targeted to priority activities, and building synergies across donor-funded subprograms. Mr. Mbi told the Board that "it reflects lessons learned in other post-conflict countries, in particular the need for early and significant reengagement as soon as conditions are appropriate, and the importance of providing an overall framework for donor coordination."

    The DRC is emerging from a decade of conflict following the conclusion in April 2002 of the inter-Congolese dialogue and the signing of a peace agreement on July 30, 2002, between the Presidents of the DRC and Rwanda.

    The credit is on standard International Development Association (IDA) terms, with a maturity of 40 years, including a 10-year period of grace.


 
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.