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WB gives $50m grant for economic growth

WB gives $50m grant for economic growth

Sep 04, 2013 - 15:16

KABULinfo-icon (PANinfo-icon): A $50 million grant agreement, aimed at promoting economic growth and fiscal sustainability, was signed between the Ministry of Finance and the Worldinfo-icon Bank here on Wednesday.

The grant -- the Development Policy Programmatic Series: Promoting Economic Growth and Fiscal Sustainability -- is being provided by the International Development Association (IDA), the World Bank’s concessional lending arm.

It is designed to support policy reforms in selected areas critical to strengthening revenue mobilisation and improving the enabling environmentinfo-icon for investment in sectors with a high growth potential.

In a joint statement, the two sides said the operation supported legal, regulatory and institutional reforms in customs, land administration and management, mining, and information and communication technologies.

Finance Minister Omar Zakhilwal said: “Development policy grants assist the government in furthering reforms in key institutions and processes for enhanced service delivery and increased reliance on its own resources while providing discretionary funds to finance government’s development agenda.”

The reforms supported by the project respond to some of the most important development challenges Afghanistaninfo-icon will face during transition and beyond, including sustaining growth, alleviating poverty and increasing employment opportunities.

World Bank Country Director for Afghanistan Bob Saum said: “Developing and implementing policy reforms are essential for attracting investments in all sectors, particularly those with high growth potential.”

Despite challenges and endemic security implications, Saum added, Afghanistan’s development track record over the past decade had been commendable. “Of note, these achievements include rapid economic growth and significant improvements in public financial management.”



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