Home » Industry » ACBF Signs U.S.$1,2 Million Grant Agreement

The African Capacity Building Foundation yesterday signed a $1,2 million grant agreement with its financial partner, Macroeconomic and Financial Management Institute of Eastern and Southern Africa. The grant will cover a two-year period from June 2014 to May 2016 and will finance capacity building activities in macroeconomic policy strategic plan of 2012 to 2016.

Speaking at the signing ceremony ACBF executive secretary Professor Emanuel Nnadozie said the grant will complement contributions made by MEFMI member countries.

“As at December 2013, member states annual contributions including in-kind contributions amounted to $4 million.

“Their contribution to the 2013 budget was 70 percent, despite the prevailing tough financial global economic situation.

“Financial cooperating partners provided $1 million which was 24 percent of the budget,” he said.

Professor Nnadozie said the grant is meant to support the MEFMI capacity building projects to promote sound economic policies and financial sector development strategies for a sustained growth in Eastern and Southern Africa.

The signing of the grant is additional funding which is intended to promote sound macroeconomic policies and financial sector development strategies for a sustained growth in MEFMI region.

The grant is also targeted at countries with specific needs in these areas through financial institutions.

“The projects will strengthen macroeconomic policy management in selected countries, promote financial stability and deepening and strengthen debt management capability in MEFMI countries,” he said.

Professor Nnadozie said the key beneficiary countries are Angola, Mozambique, Namibia, Rwanda, Zimbabwe, Kenya, Botswana and Swaziland.

MEFMI executive director Dr Ellias Ngalande said the institution was delighted with the support they have received from ACBF.

“The support given by ACBF is a demonstration of their interest and commitment that they have on the positive social and economic development of the MEFMI region,” he said.

Over the years MEFMI has been providing capacity building services mainly to Government institutions, planning commissions and central banks. NON -states actors have become a major player in development architecture that contributes in shaping the development agenda globally and locally.

The relationship between ACBF and MEFMI dates back to the launching of the institution 20 years ago. The other active partners are the Government of Norway and Sweden.

Source : The Herald