World Bank Signs US$25 Million Grant for African Union Commission to Boost Support for Economic Transformation in Africa
August 8, 2014
WASHINGTON, August 8, 2014 – The World Bank Group and the African Union Commission (AUC) today signed an International Development Association (IDA*) grant of US$25 million to support capacity development of the AUC and other African Union organs.
The funding for the Support for Capacity Development of the AUC and other African Union Organs Project will strengthen the AUC’s capacity to facilitate economic development and transformation by improving institutional efficiency. The agreement was signed by Jim Yong Kim, the World Bank President and H.E. Dr. Nkosazana Dlamini Zuma, AUC Chairperson.
“Our partnership with AUC opens new doors for collective action by bringing global solutions for the benefit of Africa to promote economic transformation and development,” said Jim Yong Kim, World Bank Group’s President.
The project focuses on internal staffing and management systems, supporting external partnerships and programs to strengthen regional economic development initiatives in regional trade, energy, infrastructure, governance and natural resource management benefiting African Union member states and their people.
“This support is very important as it will help us enhance our corporate governance and management systems to improve the lives of African women, youth and citizens. But more than that, I appreciate the World Bank’s willingness to support the AU as an organization that represents 54 African member states,” said Dr. Nkosazana Dlamini Zuma, the Africa Union Commission Chairperson.
The project will assist the AU Commission to implement its Strategic Plan 2014-17 and Agenda 2063, its flagship road map for African development over the next 50 years which calls for regional economic transformation by encouraging the participation of all stakeholders including the AU’s Member States, Organs, and Permanent Representatives Committee (PRC); as well as Regional Economic Communities (RECs), the private sector, civil society, media, development partners, African diaspora and citizens.
“We are delighted to work with the AUC, the continent’s leading regional institution, and its development partners to expand the reach and impact of its economic development programs,” said Makhtar Diop, World Bank Vice President for Africa.
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