Gambia: World Bank approves funds to boost energy study

Power Transmission25 September 2013, Washington — The World Bank has approved a grant of $US5 million to support The Gambia’s public sector financial management, ability to gather statistical data, and upgrade its national energy policy.

“The Gambian government has made significant strides in recent years to improve public financial management and transparency,” says Vera Songwe, the World Bank’s Country Director for The Gambia. “We are happy to support the government as it continues to enhance its institutional capacity to manage and oversee public services, while enabling the country’s economy to expand and to create new jobs.”

The funding supports the West African country’s on-going integrated financial management and information system project. These monies are an addition to the original financing provided in May 2010, and will assist the government as it implements and expands upon existing IFMIS activities, as well as in new activities to support improved national statistical reporting and in clarifying a national energy sector strategy.

“With a small, relatively undiversified economy, The Gambia remains highly vulnerable to external shocks, including drought and global economic shifts,” says Marcelo Giugale, the World Bank’s Director of Economic Policy and Poverty Reduction Programs for Africa. “Today’s financing will boost the reach of the government’s IFMIS while encouraging economic growth, poverty reduction and shared prosperity for Gambians.”

Another component of the funds supports the government as it develops a national energy strategy. The strategy will include an action plan and an assessment of the public electric power utility’s finances and financial management system.

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