The World Bank has approved a US$4.2 million International Development Association grant to foster the investment and business climate, as well as improve transparency and efficiency in natural and public resource management in Sao Tome and Principe.
30 March 2012: The World Bank has approved an International Development Association grant in the amount of US$4.2 million equivalent to Sao Tome and Principe to strengthen the institutional framework to build resilience to internal and external shocks, and improve efficiency and transparency of public expenditures.
Specific policy objectives that will be supported include improving: the transparency and monitoring of natural resources; the management and reporting of public finances; public debt management; the business climate; and tourism prospects. This programme will complement current World Bank projects in Sao Tome and Principe, including a US$4.15 million Global Environment Facility (GEF) grant for adaptation to climate change project; and a US$8.6 million for the Government’s Social Sector Support. [World Bank Press Release] [IISD RS Story on the GEF-funded Project]