Monday, 22 April 2013

EU funds good economic governance in the UEMOA

The EU and the Economic and Monetary Union of West Africa (UEMOA) signed on 12 April a project funding agreement in value of EUR 20 million for supporting West Africa’s efforts in capacity building and harmonisation of practices in good economic governance, and improving the development and implementation of UEMOA and Economic Community of West African States
(ECOWAS) programmes in macroeconomics and public financial management.
The funding will come from the Regional Indicative Programme (RIP) of the 10th European Development Fund (EDF), and will be integrated in the AFRITAC initiative (Regional Technical Assistance Centres in Africa) of the International Monetary Fund (IMF).
The EU’s contribution will add to the five-year cycle of AFRITAC 1 and the first five-year cycle of AFRITAC 2. AFRITAC 1 covers the eight UEMOA member states, plus Guinea and Mauritania. AFRITAC 2 is slated to be established this year and will cover the remaining five member countries of ECOWAS.