Cooperation between Congo and the World Bank - 60 billion CFA francs required for the financing of the Project to support commercial agriculture in Congo (PSCAC)
20 Sep, 2017
The financing of PSCAC amounting to 100 million US dollars (i.e. 60 billion CFA francs) will cover a period of 5 years (2017-2022). The funding agreement was signed on Wednesday, September 20, 2017 in Brazzaville by the Manager in charge of the World bank operations for Congo, Ahmadou Moustapha Ndiaye and the minister of finance and budget, honourable Calixte Nganongo, representing the government.
Mrs. Ingrid olga Ghislaine Ebouka-Babackas, minister of planning, statistics and regional integration, in her quality as governor of the World Bank for Congo and Mr. Martin Parfait Aime Coussoud Mavoungou, minister of scientific research and innovation also attended the ceremony.
The project is targeting 500,000 people based on the results expected, 700 groups and companies and 50 small and medium-sized enterprises and will be implemented in the 12 administrative departments of the country.
The project also aims at improving the productivity of farmers and enabling access to the market of producer groups, and of small and medium -sized agro industry enterprises in selected areas, improving public facilities and of the business climate for commercial agriculture; achieving institutional capacity building to back up agriculture and enabling involvement in case of emergency or disaster.
In other words, the project is a means for developing commercial agriculture to encourage farmers to sell their products instead of limiting themselves to consumption.
The funding agreement is a concessional lending which meets the requirements of a cautious budgetary policy, as recommended to the government by the Bretton Woods institutions( the World Bank and the international Monetary Fund) with whom the Republic of the Congo is now negotiating a short term programme.
This new project will be submitted to the parliament for ratification before it is implemented and take over the project of development and rehabilitation of rural tracks which ended on April 30, 2017. The project is in line with national and regional agriculture development priorities.
