World Bank approves $100mn donation to Chad for economic diversification

The Board of Directors of the World Bank Group recently approved USD 100 million International Development Association donation to Chad.

The objective of this funding is to support the efforts made by the Chadian authorities to promote resilience and economic diversification, and enhance the social protection of vulnerable populations, APA News reported. According to the director of operations of the World Bank for Chad, Soueyna Kane, this intervention is focused on actions aimed at strengthening the control of budgetary risks, transparency and management of petroleum resources, resilience and economic diversification, as well as the protection of vulnerable populations.

According to the World Bank executive, the economy of Chad experienced a gradual recovery, after a recession into which the oil price crisis had plunged it in the previous two years. "GDP growth was 2.6 percent in 2018 and is estimated at 3 percent in 2019 before projecting around 5 percent between 2020 and 2022," the document reads.

The World Bank reveals that it is closely working with other technical and financial partners in Chad including the European Union, International Monetary Fund, the French Development Agency and the African Development Bank to define the priority reforms underpinning its budget support program.