• News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
MSME Africa
  • News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
No Result
View All Result
  • News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
No Result
View All Result
MSME Africa
No Result
View All Result

African Development Bank Group approves $13.3 million grant to help improve domestic revenue mobilization and public expenditure management

Blessing Joseph by Blessing Joseph
October 9, 2023
in Africa, Economy, News
0
African Development Bank Group approves $13.3 million grant to help improve domestic revenue mobilization and public expenditure management
Share

The Board of Directors of the African Development Bank Group (www.AfDB.org) on 2 October 2023 approved a grant of $13.29 million to Somalia to help improve domestic revenue mobilization and public expenditure management under the Institutional Support for Economic Governance Project.

The grant comprises $9.31 million from the resources of the African Development Fund (https://apo-opa.info/42vfbFI), the Bank Group’s concessional financing window for low-income countries, and $3.98 million from Pillar 1 of the Transition Support Facility (https://apo-opa.info/40I3HfX) for fragile states.

The project entails providing technical assistance, training and tools to improve Somalia’s domestic revenue mobilization and build institutional capacity at all levels of the federal government and Federal Member States. It will also support promoting inclusive governance and accountability for greater economic resilience.

The institutional capacity-building component of the project will focus on improving the efficiency of tax collection and strengthening Somalia’s ability to fund development investments and maintain its viability in budgetary terms.

The project’s direct beneficiaries are the Finance ministries of the federal government, Somaliland Galmudug, Hirshabelle, Jubaland, Puntland and South-West. Regarding the federal government, the primary beneficiaries are the Revenue Department, Debt Management Department, Budget Directorate, Public Procurement Department, Office of the Accountant General, the Internal Audit Department, Ministry of Transport and Aviation, Ministry of Ports, and Parliament.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Media contact:
Alexis Adélé,
Communication and External Relations Department,
[email protected]

About the African Development Bank Group:
The African Development Bank Group (AfDB) is the premier multilateral financing institution dedicated to Africa’s development. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NSF). The AfDB has a field presence in 41 African countries, with an external office in Japan, and contributes to the economic development and social progress of its 54 regional member states. For more information: www.AfDB.org

 

Post Views: 2
Share

Related Posts:

  • Trends shaping global payment processing in 2023
    Trends shaping global payment processing in 2023
  • MSME Africa Unveils Top 50 Remarkable MSME Founders 2023, Awards them $25,000 in Media Credits
    MSME Africa Unveils Top 50 Remarkable MSME Founders…
  • Best Cities to live as an Entrepreneur in Nigeria
    Ultimate 2024 Guide to the Top Business Enabling…
  • Transition Support Facility: Focusing on Micro, Small and Medium-sized Enterprises (MSME) for post-Covid reconstruction in Africa
    Transition Support Facility: Focusing on Micro,…
  • Africa must prepare for the inevitability of a global food crisis - Akinwumi Adesina
    Overcoming Binding Constraints to Competitive…
  • 12 growth stage startups selected for 2023 VC4A Venture Showcase Africa
    12 growth stage startups selected for 2023 VC4A…
Tags: African Development Bank GroupEconomic Governance ProjectSomalia
Previous Post

FG Set to Launch $617 Million i-DICE, Digital and Creative Enterprise Program

Next Post

Experts Advocate Collaborative Climate-Smart Agriculture Budgeting for Enhanced Food Security

Next Post
Experts Advocate Collaborative Climate-Smart Agriculture Budgeting for Enhanced Food Security

Experts Advocate Collaborative Climate-Smart Agriculture Budgeting for Enhanced Food Security

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

No Result
View All Result
Join MSME on Whatsapp
Subscribe To Our Newsletter
Enter your email to receive a weekly round-up of our best posts. Learn more!
icon
By subscribing, you agree with our privacy policy and our terms of service.

Recent Posts

  • FCTA To Make SME Expo Quarterly To Boost Economic Impact
  • Maritime Bank MD Identifies Bottlenecks Obstructing Africa’s Mining Sector Growth
  • Nigeria’s Largest Gas Plant Opens, Unlocking Opportunities for Small Businesses
  • Nigeria Targets $1 Billion Yearly to Expand CNG Projects, Cuts Transport Fares
  • JAMB Warns CBT Centres Against Unauthorized Use of Candidates’,Data

Recent Comments

  • 10 Reasons Why SMEs Should Invest in Video Marketing - MSME Africa on How to Create Viral Videos for Social Media in 2024
  • link alay4d on 5 Nigerian-based Companies Providing Accelerator Programs for Startups in 2024
  • Damilare Oladeji on Nigerian Government Agencies that Support Entrepreneurship in 2024
  • situs alay4d on 50 Best Tools to Boost Your Productivity as an Entrepreneur in 2025
  • Otabor Osayomore Blessing on Ultimate 2025 Guide to the Top Business Enabling Cities for Startup Founders and Entrepreneurs in Nigeria
  • About us
  • Advertise with Us
  • Contact Us
  • Home
  • News
  • Newsletter
  • Submit News
  • Terms of Use

© 2023 MSME Africa - All rights reserved.

No Result
View All Result
  • About us
  • Advertise with Us
  • Contact Us
  • Home
  • News
  • Newsletter
  • Submit News
  • Terms of Use

© 2023 MSME Africa - All rights reserved.