   |
|
afrol News, 12 June - The World Bank yesterday announced it had approved a US$ 200 million credit for an "Economic Recovery Project" in Côte d'Ivoire. The credit is given on favourable terms to enable the country to implement its structural reforms. According to a release by the World Bank, its board had approved the Ivorian "Economic Recovery Project" yesterday. The project itself focuses on the need for reform in the Ivorian economy and administration. The envisaged economic recovery will be addressed by creating "conditions for renewed broad-based growth driven by the rural economy and a private sector that is more confident about the future." The project further aims at improving "public sector delivery with participation of local communities" and improving "efficiency and accountability in public resource management," according to the World Bank's project description. This is basically in line with the structural reforms Côte d'Ivoire is implementing due to its cooperation with the International Monetary Fund (IMF) and the World Bank. This new World Bank credit is administered by the International Development Agency (IDA), the Bank's agent handling the poorest countries. The favourable conditions include a maturity of 40 years and a grace period of 10 years.
|
