WB & Spanish government signs MoU to achieve goals in Africa
24 Apr '06
2 min read
World Bank (WB)is a vital source of financial and technical assistance to developing countries around the world and Spanish Government signs Memorandum of Understanding (MoU) to establish a Spanish Program for Africa.
The Spanish Program for Africa is a flexible financing mechanism contributing to the achievement of the Millennium Development Goals in Africa. Through a Trust Fund administered by the World Bank, the Spanish Government will channel debt relief to co-finance World Bank financed operations supporting country efforts to achieve the MDGs.
Burkina Faso, Ethiopia, Mauritania, Senegal, Tanzania and Uganda will be the first countries to participate in the Program. Other countries are expected to join the Program as they reach the HIPC completion point.
The Spanish Program for Africa builds strongly on the World Bank Africa Action Plan and the commitments expressed in the Paris Declaration on Aid Effectiveness, endorsed by Spain and the World Bank. It contributes to strengthen development effectiveness by supporting greater country ownership, alignment, harmonization and results.
Each country together with Spain will be responsible for allocating funds to World Bank financed operations aligned with national poverty reduction strategies. Operations supported by the Program will include budget support and sector wide approaches, which strengthen country-led coordination, streamline implementation processes and support greater focus on development results.
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