35.9 C
Friday 18 June 2021
HomeNewsEthiopia: World Bank provides US$ 25 million support to AU Commission

Ethiopia: World Bank provides US$ 25 million support to AU Commission

The World Bank Group and the African Union Commission (AUC) have signed an International Development Association (IDA) grant of US$25 million to support capacity development of the AUC and other African Union organs, PANA reports.

The funding for the Support for Capacity Development of the AUC and other AU Organs Project will strengthen the AUC’s capacity to facilitate economic development and transformation by improving institutional efficiency, the Commission said, noting that the agreement was signed Friday in Washington, DC by World Bank President Jim Yong Kim and AUC Chairperson Dr. Nkosazana Dlamini Zuma, AUC Chairperson.

“Our partnership with AUC opens new doors for collective action by bringing global solutions for the benefit of Africa to promote economic transformation and development,” said the World Bank Group’s President.

The project focuses on internal staffing and management systems, supporting external partnerships and programmes to strengthen regional economic development initiatives in regional trade, energy, infrastructure, governance and natural resource management benefiting AU member states and their people.

“This support is very important as it will help us enhance our corporate governance and management systems to improve the lives of African women, youth and citizens. But more than that, I appreciate the World Bank’s willingness to support the AU as an organisation that represents 54 African member states,” said Dlamini Zuma.

The project will assist the AU Commission to implement its Strategic Plan 2014-17 and Agenda 2063, its flagship road map for African development over the next 50 years which calls for regional economic transformation by encouraging the participation of all stakeholders, including the AU’s Member States, Organs, and Permanent Representatives Committee (PRC); as well as Regional Economic Communities (RECs), the private sector, civil society, media, development partners, African diaspora and citizens.

“We are delighted to work with the AUC, the continent’s leading regional institution, and its development partners to expand the reach and impact of its economic development programmes,” said Makhtar Diop, World Bank Vice President for Africa.


Please enter your comment!
Please enter your name here

- Advertisement -