CONGO/ADB Cooperation

A Fiscal Support Agreement of about 122 billion FCFA has been signed in Brazzaville
15 Dec, 2019

Madame Minister of Planning, Statistics and Regional Integration, Governor of the African Development Bank, Ingrid Olga Ghislaine Ebouka-Babackas, representing his colleague of Finance and Budget, Calixte Nganongo, and Representative-Resident of ADB to Congo, Antoine Tioyé, signed, Sunday 15 December 2019 in Brazzaville, a Loan Agreement of 187 million Euros (about 122 billion FCFA).

 

This loan was granted by decision of the ADB Board of Directors, which met on Friday, December 13, 2019 in Abidjan (Côte-d'Ivoire). “This ADB loan agreement for the financing of fiscal support, in other words the Economic and Financial Reform Support Programme (EFRSP) is, without a doubt, the happy outcome of a long procedure marked out by Conglese Government's efforts for two years”, the Minister of Planning. This loan, she said, had been requested since 2017, in addition to the Extended Credit Facility (ECF) underlying the programme negotiated in parallel with the International Monetary Fund (IMF). After the fiscal support from IMF and France (through AFD), the Agreement with the ADB will help Congo fill its cash gap displayed in 2019 Budget and to finance the projects  included in the National Development Programme (NDP 2018-2022), she said.  

This loan is granted at a concessional rate of repayment of 2 percent over 25 years, with 5 years of deferral”, Antoine Tioyé, for his part, said. 

Note that the signed fiscal support financing Agreement will be submitted to the two Houses of the Parliament for the authorization of the ratification by the Head of State, in accordance with the Constitution of Congo of 25 October 2015. 

 

The Press office of the Ministry of Finance

Category:NEWS
Sub Category:COOPERATION