WASHINGTON, March 20, 2012 – The World Bank Board of Executive Directors approved an International Development Association (IDA*) grant of US$10 million for economic governance and capacity-building.
The new operation aims to improve the effectiveness, transparency and accountability of public sector institutions by consolidating economic governance reforms, and to modernize and strengthen core government agencies.
Lauding the new programme, Mr. Kerfalla Yansane, Minister of Finance, Guinea signaled that the new grant will allow his agency to streamline procedures at central Government level for more efficiency in budget preparation and execution as well as service delivery.
“We look forward to working with the World Bank during the next several years to help my team to identify budgetary bottlenecks and monitor and evaluate progress on the efficiency of the public sector,” said Mr. Yasane.
Specifically, the project seeks to:
- Help the Government establish procedures that will make the budgetary process more transparent.
- Put in place tools that will make a better performing public administration possible.
“The Bank is honored to answer the call of The Guinean Government to enhance economic stability,” said Ousmane Diagana, World Bank Country Director for Chad, Guinea, Mali and Niger. “The Bank has responded with a program that focuses on improving the country‘s economic governance, including transparency and accountability in the public sector. This is Guinea’s program and the World Bank is pleased to support its implementation through knowledge sharing and finance and in a spirit of partnership.”
For its part, The World Bank announced that the technical assistance the program provides directly supports the governance reform agenda of the first democratically elected Government in Guinea‘s history. The project aims to reduce internal stresses that could weaken the effectiveness of the Government’s plan. It also will help build the foundation for institutions that are crucial for the management of the public sector.
The World Bank’s current portfolio in Guinea consists of 8 national and 4 regional IDA-financed projects with a net commitment of approximately US$247 million.