📋 Tender Overview
Project Summary
Approval Date 17 Dec 2021
Planned Completion Date 31 Dec 2026
Last Disbursement Planned Date 31 Dec 2026
Sovereign / Non-Sovereign Sovereign
Sector Multi-Sector
DAC Sector Code 15124
Commitment U.A 20,000,000
Status Approved
Project General Description
This proposal submitted for Board approval concerns the award of a UA 20 million grant from ADF-15 resources to the Democratic Republic of Congo (DRC) to finance the country's Economic Recovery Support Project (PAREC). This institutional support will be implemented over the 2022 -2025 period and seeks to build on economic reforms undertaken by the Government to address the COVID-19 crisis, ensure economic recovery and consolidate the achievements of the Bank's previous interventions.
Project Objectives
The project is expected to produce two major impacts: first ,an improved budgetary system, reflected in increased tax revenue as a proportion of the overall revenue from 79% in 2021 to 95% in 2025. It is also hoped that the investment climate will be improved, through investment policy reforms and increased FDI. These flows should rise from USD 1.6 billion in 2021 to USD 2.6 billion in 2025. The project will support an improvement in the quality of life for the people of Congo, build the capacity of various institutions and staff of the Court of Auditors, the Tax Office, ANAPI and the ministerial units in charge of PPPs. The project will also help to stabilize public finances by rationalizing expenditure management in a context of improved resource mobilization. Furthermore,the project will promote transparency, especially in the extractive industry sector, through support to the EITI. Lastly, the project will improve the investment climate by overhauling the business environment.
Beneficiaries
The project's direct beneficiaries are the DGI, DGRAD, DRGC, ANPI, and the Court of Auditors. Its final beneficiaries are the country's population as a whole, but particularly investors and the private sector. They stand to gain from improved domestic resource mobilization, transparency and accountability for effective financing of economic development and improved quality of life for the people. They will also benefit from an improved investment climate and anti-corruption measures.
Participating Organization
Funding
African Development Fund
Implementing
GOVERNMENT OF DEMOCRATIC REPUBLIC OF CONGO MINISTRY OF FINANCE BUDGET
