Eswatini - Support for Economic Recovery and Inclusive Growth Program (SERIG) Phase I


Project Summary

Approval Date 24 Nov 2021
Signature Date 05 Apr 2022
Planned Completion Date 31 Dec 2022
Sovereign / Non-Sovereign Sovereign
Sector Multi-Sector
DAC Sector Code 11330
Environmental Category 3
Commitment U.A 26,672,593.91
Status Implementation

Project General Description

The proposed intervention is an ADB loan of thirty-six million United States Dollars (USD 36m) to the Kingdom of Eswatini to finance the Support for Economic Recovery and Inclusive Growth (SERIG). The SERIG is designed as a programmatic series of two consecutive General Budget Support operations covering the fiscal years 2021-2022 and 2022-2023. This is the first Bank Group program-based operation for Eswatini and is in response to a request from the Government of Eswatini in July 2020 for support towards mitigating the impacts of the COVID 19 pandemic. The program is anchored on principles of good governance. It is focused on attaining fiscal consolidation, creating a conducive environment for a vibrant employment generating private sector and improving livelihoods and expanding social protection for inclusive growth. Through its focus on securing a sustainable macroeconomic framework, improving public finance management and enhancing private sector competitiveness, the proposed operation will improve livelihoods and enhance socio protection, thus yielding an improved quality of life for the people of Eswatini, and in particular women, youth and rural communities.

Project Objectives

The program development objective is to enhance economic governance, improve investment climate and increase social protection for inclusive growth and accelerated post COVID 19 recovery. The Bank intervention will help the Government to fast track much needed reforms for restoring macro-economic stability, strengthening PFM reforms and boosting domestic revenues through increased participation of the private sector.

Beneficiaries

The beneficiaries of the proposed program will be the people of Eswatini who are expected to benefit from sustained macroeconomic stability and increased private sector competitiveness. The private sector will also benefit from a more conducive business enabling environment. Penultimately the program will result in enhanced social protections and increased job creation. High sustained and inclusive growth is the ultimate benefit which are positive outcomes for the population as whole.

Participating Organization

Funding
African Development Bank
Implementing
GOVERNMENT OF SWAZILAND MINISTRY OF FINANCE

Information

IATI identifier 46002-P-SZ-K00-005
Last Update 02 Oct 2022

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Contact Details

Name CHANGE Evelynne Obonyo
Email e.change@afdb.org

Geographic Location

Country Eswatini
Coordinates Location Name
-26.31667 31.13333 Mbabane