AfDB approves $8m grant to Zimbabwe

Published: 16 January 2014

Government has received a $7,9 million grant from the African Development Fund to finance the Governance and Institutional Strengthening Project which aims to sustain economic recovery and improve service delivery.

The project, which is aligned with the Country's Medium Term Plan and the Zimbabwe Agenda for Socio-Economic Transformation (Zim-Asset), is expected to be completed by December 2016.

In a statement, the African Development Bank said the specific objective of the project is to improve transparency and effectiveness in public finance and economic management.

"The overarching goal of the plan is to reduce poverty, create jobs, maintain macroeconomic stability and restore the economy. To achieve this objective, the Government has identified nine priority areas including governance and natural resource management," AFDB said.

The bank said the project would necessitate the building of procurement capacity in the State Procurement Board and procuring entities through the provision of technical assistance, short term training and professional development programs and also the acquisition of IT equipment and computers.

It is also expected to strengthen the effectiveness in internal audit functions across government to ensure compliance with the Public Financial Management Act and its enabling regulations. It would also include the training of internal audit officers and provision of computers to enhance IT audit. The bank would provide technical assistance to establish and strengthen internal audit committees.

The project is also expected to enhance transparency and accountability in the management of mineral resources through capacity development support to the Geological Survey Department, support to strengthening mining sector policies, and regulations.

The AfDB also said the project would bring enhanced effectiveness of the banking supervision through enhancing the core banking systems of the Reserve Bank of Zimbabwe.

This would be achieved through the upgrading and installation of internal network, core banking systems, and provision of IT equipment.
- bh24