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ADB Approves Grant for Governance and Growth(AllAfrica Via Acquire Media NewsEdge) The board of directors of the African Development Bank (ADB) has approved a US$29.36 million budget support grant to finance the first phase of the Economic Governance and Inclusive Growth Programme (EGIGP) in Mozambique. According to the Bank, the grant is the first of three general budget support operations for 2014, 2015 and 2016. In total, these are budgeted at US$59.73 million. The programme aims to promote inclusive and sustainable growth by improving transparency and accountability in public finance, developing the management of natural resources and enhancing the environment for the private sector. The Bank stresses that the grant is in support of the Mozambican government's Poverty Reduction Strategy (PARP) and long term private sector development strategies. It states that "EGIGP underscores the fact that Mozambique needs to translate the high economic growth rates experienced in the past two decades into inclusive and sustainable dividends". Among the government bodies that will receive direct financial support are the Administrative Tribunal, which is the highest audit body in Mozambique, and the General Inspectorate of Finance. Copyright Agencia de Informacao de Mocambique. Distributed by AllAfrica Global Media (allAfrica.com). |