DEMOCRATIC REPUBLIC OF CONGO - Congolese Economic Recovery Support Project


Project Summary

Approval Date 17 Dec 2021
Signature Date 01 Mar 2022
Planned Completion Date 30 Dec 2025
Sovereign / Non-Sovereign Sovereign
Sector Multi-Sector
DAC Sector Code 15124
Commitment U.A 20,000,000
Status Implementation

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
GOUVERNEMENT DE REPUBLIQUE DEMOCRATIQUE DU CONGO MINISTERE DES FINANCES BUDGET

Information

IATI identifier 46002-P-CD-KF0-012
Last Update 16 May 2022

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Contact Details

Name TOKO Pierre
Email p.toko@afdb.org

Geographic Location

Country Congo, the Democratic Republic of the