World Bank funding to strengthen Mali finance management

Jun 07, 2010

Funding from the World Bank is to be used to improve public financial management and regulatory frameworks in Mali.

The Bank is allocating $70.5 million (€58.8 million) to the country as part of its continued efforts to implement its Growth and Poverty Reduction Strategy Framework.

A portion of the finance will be used to strengthen budget reporting and accountability in the country, explained Task Team Leader at the Bank Clara de Sousa. "The credit supports critical government-owned reforms to improve the policy environment for infrastructure and private investment," she added.

Approved by the Bank's Executive Board on June 3rd, the finance is the second of three Poverty Reduction Support Credits (PRSC) and will build on the work laid out by the first, known as PRSC-3.

It is the latest in a series of funds to be allocated to African nations by the Bank. Last month, it announced the approval of a $350 million infrastructure finance package for Kenya.