Contacts
In Washington: Tim Carrington (202) 473-8133
tcarrington@worldbank.org In Dakar: Mademba Ndiaye (221) 8495000
mademba@worldbank.org WASHINGTON , October 30, 2007 – The World Bank Board of Executive Directors today approved an International Development Association (IDA) additional grant in an amount of US$3 million to support the Capacity Building for Economic Management Project of The Gambia, without an expansion and a scale-up of the original project activities. According to Hoon Sahib Soh, World Bank Task Team Leader for the project, “this additional grant would help finance costs associated with some of the original Project activities which have experienced cost overruns. It will allow the Government of The Gambia to complete ongoing initiatives, thereby contributing towards the achievement of the initial Project Development Objective (PDO) and the sustainability of the initiatives.” This new grant will serve to establish the Integrated Financial Management Information System (IFMIS) and to build local capacity in it s usage. The establishment of the Gambia Revenue Authority (GRA) and streamlining of customs procedures and upgrading of the Automated System Customs Data Administration (ASYCUDA) IT System are also among activities to be funded by the additional grant. “The expected outcomes from these activities are improved public financial management, both for revenue and expenditures, “ Hoon Sahib Soh emphasized. The Capacity Building for Economic Management Project was approved by the IDA’s Board of Executive Directors on July 26, 2001 and is to be closed on December 31, 2007. As part of the additional financing, the closing date has been extended to December 31, 2008. As of September 1, 2007, 94.4 percent o f the Credit has been disbursed. The task team leader recalled that the project’s objectives are to strengthen institutional and human capacity for economic policy formulation and execution. ### For more information on the World Bank’s work in sub-Saharan Africa, please visitwww.worldbank.org/afr For more information on the World Bank’s work in The Gambia, please visit www.worldbank.org/gambia |
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