US$30 million has been approved to improve efficiency in public investments management
WASHINGTON, 23 June, 2016— The Board of the World Bank Group today approved a $30 million (approximately 17 billion West Africa CFA) credit to help Benin tackle the technical and governance challenges that affect public investments management while at the same time providing results-based incentives to specific ministries to improve their management of projects.
The new Public Investment Management and Governance Support Project (PIMGSP) will strengthen the government’s public investments management capacity, enhance good governance and accountability, and provide result-based financing in the strategic sectors of energy, water and justice. It is fully aligned with the government’s current efforts to promote a more transparent management of public funds, as it is with the World Bank Group’s twin goals of ending extreme poverty and boosting shared prosperity.
“This project is timely, as the new government is already taking measures to improve and promote good governance. By addressing the strategic sectors of electricity, water and justice, the project will create incentives to improve their management of discrete investment projects and transparency in implementation of such projects, which would in turn have a positive impact on the economic and social development of the country”, says Pierre Laporte, World Bank Country Director for Benin.
One important aspect of the PIMGSP is the involvement of the civil society organizations and the media in the monitoring process of public investment projects. Key CSOs and media that focus on effectiveness and efficiency of public investments will receive appropriate trainings on public investments management and also on monitoring and evaluation, and will be called upon to make their assessment on the performance of the government’s investment program.
The PIMGSP will be implemented during a period of 5 years, from 2016 to 2021. “The project will contribute to the government’s efforts to achieving a higher budget execution and completion rates”, Pierre Laporte added.
* The World Bank’s International Development Association (IDA), established in 1960, helps the world’s poorest countries by providing grants and low to zero-interest loans for projects and programs that boost economic growth, reduce poverty, and improve poor people’s lives. IDA is one of the largest sources of assistance for the world’s 77 poorest countries, 39 of which are in Africa. Resources from IDA bring positive change to the lives of 1.3 billion people in IDA countries. Since 1960, IDA has supported development work in 112 countries. Annual commitments have averaged about $19 billion over the last three years, with about 50 percent going to Africa.