Gabon - Economic Reforms Support Programme (PARE)


Project Summary

Approval Date 29 Sep 2021
Signature Date 29 Oct 2021
Planned Completion Date 31 Dec 2022
Sovereign / Non-Sovereign Sovereign
Sector Multi-Sector
DAC Sector Code 11330
Commitment U.A 41,137,365.89
Status Implementation

Project General Description

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.

Project Objectives

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.

Beneficiaries

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.

Participating Organization

Funding
African Development Bank
Implementing
GOUVERNEMENT DE LA REPUBLIQUE DU GABON MINISTERE DE L'ECONOMIE ET DES FINANCES

Information

IATI identifier 46002-P-GA-K00-015
Last Update 04 Dec 2021

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Contact Details

Name TOKO Pierre
Email p.toko@afdb.org

Geographic Location

Country Gabon