The Board of Directors of the African Development Bank (AfDB) approved on Wednesday, February 3 in Abidjan a loan of US $16.5 million to finance the Tanzania Institutional Support Project for Good Governance (ISPGG III).
The objective of this project is to support the Government of Tanzania in promoting inclusive growth and macroeconomic stability by enhancing economic and financial governance through more effective public financial management and improved business environment.
By supporting the Government of Tanzania’s public financial management (PFM) reform agenda, this project will contribute to efforts geared towards enhancing capacity, and improving accountability, transparency and integrity in the management of public resources.
The project will also contribute to an improvement in the business enabling environment, by strengthening capacity to fight corruption, the streamlining of business registration and licensing processes and operationalization of the public-private partnership (PPP) framework.
During the Board presentation, Director of the Bank’s Governance, Economic and Financial Management Department, Jacob Mukete, noted that “the project builds upon Bank-supported capacity building and PFM reforms in Tanzania, and complements the ongoing Power Sector Reform and Governance Support Programme and the Public Financial Management Reform Programme (PFMRP IV) supported by other development partners through basket funding.”