Sao Tome and Principe: Public and Natural Resource Management Project

WASHINGTON, June 10, 2008- The following project was approved today by the World Bank’s Board of Executive Directors:

Trust Fund Grant: US$ 6 million

PROJECT DESCRIPTION: The Public and Natural Resource Management Project for Sao Tome and Principe aims to help improve the delivery of key public services by supporting government’s policy actions to enhance public expenditure efficiency through better budget preparation, execution, and control. In addition, it will support tax reforms and assure stronger impact of public expenditures on poverty and raise the standard of petroleum sector governance in line with international standards of transparency and the Extractive Industries Transparency Initiative (EITI). Ultimately, the main benefits of this operation will accrue to all Sao Tomeans in terms of higher incomes, reduced poverty, and higher levels of transparency, accountability and economic stability.

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

For more information on Sao Tome and Principe, please visit: http://web.worldbank.org/WBSITE/EXTERNAL/COUNTRIES/AFRICAEXT/SAOTOMEEXTN/0,,menuPK:382771~pagePK:141159~piPK:141110~theSitePK:382765,00.html