Six African countries are set to benefit from a grant from the Transitional Support Facility (TSF) of the African Development Fund, a concessional lending arm of the African Development Group.
This grants will soon be given through a project designed to “strengthen national capacity for governing natural resource outflows in Africa,” AFDB said. The Central African Republic, Chad, Democratic Republic of Congo, Mozambique, Sierra Leone and Zimbabwe are set to benefit from this project that is expected to be completed by the end of 2023.
The project will be implemented by the African Development Bank’s African Natural Resources Centre through building on its ongoing work around illicit trade in Africa’s natural resources. It will strengthen the capacity to analyze, monitor, and govern natural resource outflows that are currently lacking in the set beneficiary countries. The project is also set to provide policymakers with technical assistance and overall policy advice.
“Natural resources have the potential to catalyze growth and development in transitional countries,” said the Acting Director of the Centre, Vanessa Ushie,
“Improved governance of natural resource outflows will support countries’ efforts to achieve sustained recovery from the COVID-19 pandemic, help them to better manage their debts, and reposition their economies for the future,” Ushie reiterated. This move by AFDB will contribute to the achievement of the UN Sustainable Development Goals by boosting domestic revenue mobilization from Africa’s natural resource sector.