|Approval Date||29 Sep 2021|
|Signature Date||29 Oct 2021|
|Planned Completion Date||31 Dec 2022|
|Sovereign / Non-Sovereign||Sovereign|
|DAC Sector Code||11330|
The proposed operation is an AfDB loan of EUR 50 million to the Republic of Gabon to finance the Economic Reform Support Programme (PARE). It is the first phase in a programme-based series of two General Budget Support (GBS) operations covering the period 2021-22 as outlined in the CSP. This first phase of “PARE” is a multi-year programme framework and a list of reform measures considered to be indicative triggers for the second phase. This programme-based approach helps to facilitate aid predictability and its alignment with national policies to create the conditions for a post-COVID-19 economic recovery. The purpose of PARE is to support Gabon’s efforts to exit the COVID-19 pandemic-related crisis and to revive its economy in line with its ambitious development programme, the PSGE. PARE will provide: (i) financial assistance to offset the drastic drop in oil revenues; (ii) support to public finance reforms to help rebuild the State’s budgetary headroom; and lastly (iii) support for the revival of priority sectors by improving the business environment and transparency in the forestry sector.
PARE’s overall goal is to support post-COVID-19 efforts and lay the groundwork for rapid economic recovery. The objectives are to: (i) improve public finance management, (ii) support the competitiveness of key forestry and energy sectors.
PARE will benefit Gabon's entire population through the availability of greater public resources, the streamlining of expenditure and specific reforms aimed at supporting strong, diversified and job-creating growth. It will especially benefit the following groups: (i) vulnerable people will be able to benefit from better infrastructure and quality social services due to the budgetary space that the PARE-supported reforms will achieve; (ii) Gabon’s entrepreneurs and foreign investors wishing to create a business or invest in the framework of Public-Private Partnerships (PPP) will benefit from a more incentive and transparent framework; (iii) Gabon’s SMEs with credit access constraints; (iv) public, private and community actors involved in the forestry sector will benefit from a more adequate framework for the development of their activities.
African Development Bank
GOUVERNEMENT DE LA REPUBLIQUE DU GABON MINISTERE DE L'ECONOMIE ET DES FINANCES
|Last Update||04 Dec 2021|