AfDB grants 62 million euros to Gabon for economy diversification and job creation

  • October 16, 2018

LIBREVILLE, Gabon, October 16, 2018/- Multilateral development finance giant, African Development Bank, has granted a loan of 62.75 million euros, or about 41 billion CFA francs to the Gabonese State for financing projects to support the diversification of its economy.

The signing ceremony of agreement between the two parties, took place on August 8, 2018 at the headquarters of the financial institution of Libreville.

With this funding, the Government plans to achieve the following results in wealth creation: support through technical assistance, allocation of at least 100 small and medium enterprises, creation of 8,000 new jobs by enterprises of the Special Economic Zone of Nkok, equipment training centers in the 2nd and 3rd transformation, deployment and operational capability of the Office Gabonese recipe (OGR), the increase in tax revenues from the sector out from CFAF 922 billion in 2017 to CFAF 165 billion in 2022, as well as the rate of wood processing from 4% in 2017 to 10% in 2022.

It should be noted that this operation is complementary to the interventions of several partners, particularly the World Bank, which provides support for the promotion of investments and competitiveness. This means that Gabon enjoys the trust of development partners.

The signing ceremony of this loan agreement was held between representatives of the two parties, including the Minister of Economy, Foresight and Development Programming, Jean Marie OGANDAGA, for the Gabonese side and the Resident Representative of the AfDB, Robert MASUMBUKO in the presence of the Minister for the Promotion of Investments and Public-Private Partnerships, Madeleine BERRE, and the Minister in charge of Entrepreneurship, Carmen NDAOT.

PADEG is an institutional support requested by the Gabonese Government to accelerate the process of diversification of the economy as well as the strategy of mobilizing internal resources in accordance with the instructions of the President of the Republic, Ali Bongo Ondimba.

The overall objective of this project is to contribute to strong and inclusive growth through the improvement of the investment climate, the capacity building of SMEs, the handicraft sector and the diversification of the Gabonese economy in the priority sectors. PADEG will be implemented over a four-year-period and will also consolidate the achievements of the Bank’s interventions, particularly in the investment, timber and mining sectors.

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