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
Environmental Category 3
Commitment U.A 20,000,000
Status Implementation

Project General Description

The Congolese Economic Recovery Support Project (PAREC) is designed to improve fiscal performance and facilitate private sector recovery. It will involve combining fiscal adjustment with structural reforms of the investment climate to release the potential of the private sector and curb the temporary negative effects of the current crisis. 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. It 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. PAREC will mostly seek to consolidate the achievements of previous Bank interventions. It has three complementary components (i) improve budgetary performance and fight corruption, (ii) support economic recovery, and (iii) promote efficient project management.

Project Objectives

The project's overall objective is to improve fiscal performance and facilitate economic recovery. PAREC's specific objectives include mobilizing revenue, streamlining public expenditure, improving accountability and fighting corruption as well as improving the investment climate by reforming the investment framework, the regulatory regime, supporting agro-industrial platforms and the special economic zone.

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 02 Oct 2022

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Contact Details

Name TOKO Pierre
Email p.toko@afdb.org

Geographic Location

Country Congo, the Democratic Republic of the
Coordinates Location Name
-4.375 15.97 Kinshasa City