Zimbabwe-THE African Development Bank (AfDB) on Wednesday approved a $24,7 million grant to support the country’s capacity building project for public finance and economic management (CBPFEM).
At its weekly meeting in Tunis, the executive directors of the board approved over $107 million in loans and grants to finance projects in Zimbabwe, Nacala Corridor in Mozambique and the integration of payments systems in East Africa.
The CBPFEM funds would be used to enhance capacity for public financial management, including debt management and revenue collection; and improve capacities for the implementation of the Medium Term Plan, legal and institutional framework for PPPs, statistical development and regional integration framework.
The development comes months after the International Monetary Fund (IMF) also relaxed most restrictions on technical assistance to Zimbabwe, opening the way for future staff-monitored programmes and full normalisation of relations.
AfDB also approved the institution’s Information Technology Strategy 2013-2015 and the Bank Group’s Participation in the Middle East and North Africa (MENA) Transition Fund.
The IT strategy lays out the various changes which the bank’s Information management and Methods department will make over a three-year period to help the institution deliver results.
These include aligning the IT delivery capacity along the bank’s long-term strategy; enabling organisational effectiveness through efficient use of IT systems providing effective support to the bank’s decentralisation strategy, maintaining financial soundness and business continuity and achieving lower costs while building capacity via “economies of skills”.
The bank approved a $59,3 million grant for the Mozambique-Nacala Road Corridor project Phase III that would be used to improve transportation from Mozambique, Malawi and Zambia to the port of Nacala.
It will also help improve transport linkages within Mozambique to economic opportunities and social services.
The African Development Fund board agreed a grant of $23,02 million to finance the improvement and integration of the payment systems in Burundi, Kenya, Rwanda, Tanzania and Uganda.
The project would contribute to the modernisation, harmonisation and integration of payment and settlement systems in the East African community partner states.