Lesotho: First Poverty Reduction Support Grant and Credit

WASHINGTON, May 22, 2008- The following project was approved today by the World Bank’s Board of Executive Directors:

 

IDA Grant: USD$ 7.2 Million

IDA Credit: USD$ 8.7 Million

TERMS: Maturity = 40 Years; Grace Period = 10 Years

 

PROJECT DESCRIPTION: The First Poverty Reduction Support Grant and Credit is the first in a series of three annual development policy operations (DPO) to the Kingdom of Lesotho to assist the Government's reform program in support of Lesotho's Poverty Reduction and Growth Strategy (PRGS). The objectives of this grant and credit are to support Government reform efforts in the following three areas: (i) achieving broad-based growth by improving the business environment and improving the quality of information for decision making; (ii) enhancing the effectiveness of public expenditures by strengthening the links between the PRGS and the macroeconomic and budget framework, and strengthening public finance management; and (iii) improving access and quality of basic services through effective implementation of sectoral programs and empowerment of communities at all levels of Government.

 

For more information, please call Aby Konate at (202) 473-8302 or e-mail here at akonate@worldbank.org