(AfDB) - The Board of Directors of the African Development Bank Group granted a loan of 92 million euros to the Republic of Congo in Abidjan on 17 November 2023 to implement the first phase of the Economic Diversification Support Program.

The aim of the program is to strengthen the resilience of the Congolese economy and reduce its dependence on the oil sector with the aim of reconciling the need for growth with combating climate change.

“Implementing the program will focus on the effectiveness of public investments and modernizing the governance of public corporations. It will help to diversify the Congolese economy and promote productive sectors by strengthening competitiveness factors and generating value from natural resources that have been relatively neglected until now,” said Serge N’Guessan, Director General for the African Development Bank in Central Africa.

The program’s top priority is to strengthen budgetary discipline through more effective and transparent management of public resources, specifically public investments, and improve the governance and viability of public corporations. Among the expected results are strengthening the effectiveness of public investments through better management and more appropriate planning, modernizing the governance of public corporations and improving their performance, and updating the Public Procurement Code to guarantee greater efficiency, competition and transparency.

The program also aims to support the diversification of the Congolese economy and strengthen its competitiveness by improving the business environment, supporting reforms in the electricity sector and developing productive sectors. 

In June 2023, the African Development Bank Group’s active portfolio in Congo comprised 10 projects, with a total commitment of 344.9 million euros.