The African Development Bank (AfDB), on Tuesday in Tunis, provided USD 14 million as its contribution to the financing of knowledge component of the multinational project for building capacity in managing for results in the Regional Member Countries and Regional Economic Communities.

The grant agreement was signed by AfDB Acting Operations Vice-President, Lobé Ndoumbe and African Capacity Building Foundation (ACBF) Learning and Knowledge head, Kobena Hanson.

The funding will support the African Community of Practice on Managing for Development Results (AfCoP), in promoting Africa's transformation agenda. The project will also enable the community to mainstream results-based practices into RMCs' policies and strategies as well as enhance the capacity of the West African Economic and Monetary Union and the Common Market for Eastern and Southern Africa, along with their member countries to accelerate the implementation of regional policies and programs.

More importantly, the component on Knowledge will help to foster exchange of experiences and mutual learning on MfDR and regional integration, developing case studies, guidelines, analytical work on MfDR and on policy convergence, and disseminating good practices and knowledge products. It will strengthen capacity and increase effectiveness in implementing regional policies in the two selected RECs and their member states thereby fostering regional integration.

According to the agreement, the grant's knowledge sharing component estimated at USD 2.16 million will be implemented by the ACBF. The choice of ACBF is based on its past experience in managing Bank-financed projects and the consistency of the component with the ACBF's mandate.

"The grant agreement signed today defines the implementation arrangements, and the roles and responsibilities of our two institutions in that regard," Mr. Lobe Ndoumbe said. Mr. Hanson expressed confidence and satisfaction in the historical ties between ACBF and the AfDB. "The Bank's funding is highly appreciated," he said.