APA-Brazzaville (Congo) The African Development Bank (AfDB) says since May 31st it has ten projects in the Republic of Congo with a total financing of US$362.55 million.
Despite its natural potential, Congo is still struggling with underdevelopment.
In view of this heavy burden on the population, the African Development Bank (AfDB) has presented its strategy paper for 2023-2028, which aims to combat poverty and lay the foundations for development in President Denis Sassou Nguesso’s country.
According to a statement sent to APA on Monday, the interventions of the financial institution based in Abidjan, Cote d’Ivoire, aim to support the improvement of agricultural productivity and agro-industry, the development of value chains and related agro-industries in this Central African state.
Over the next five years, this investment will be used in particular to “improve human capital”, while the Bank also plans to focus on three other sectors: agriculture, transport and economic and financial governance.
“The Bank will give priority to projects that improve agricultural productivity, job creation, access to electricity and roads, especially rural roads that link production areas with consumption centres. It will also continue to undertake studies, provide technical assistance and build capacity,” said Serge N’Guessan, AfDB Director General for Central Africa.
With the Bank’s support focusing on the provision of improved agricultural inputs and modern technologies to increase productivity in the sector, the average yield of major crops is expected to increase,” the statement says.
Maize will increase from one to three tonnes per hectare, compared with 4.5 to nine tonnes per hectare for cassava, while soya will increase from 1.5 to 3 tonnes per hectare and sorghum from 0.5 to 3 tonnes per hectare, it explains, before stressing that the rate of agricultural mechanisation “should increase by 20%”.
In the second priority area, the Bank’s support will focus on strengthening institutional and human capacity in macroeconomic and financial management, including budgetary policy, domestic resource mobilisation and public debt management.
The ultimate goal is to increase the share of private investment in gross domestic product (GDP) from 16.4% in 2022 to 26.5% in 2025.
Energy sector governance “should also be improved” to ensure a promising future for Congo, the ADB said.
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