This is a Strategic Document for the Regional Integration of Central Africa (2019-2025), which is crucial for the economic integration of the region, recently approved and in which multinational operations were adopted for the institution in the region.
The Central Africa Regional Integration Strategy Paper (RISP), is based on the lessons learned through the implementation of previous regional development initiatives, and also sets out the bank’s plans to accelerate intra-regional trade, inclusive economic growth and the structural transformation of member countries of the Economic Community of Central African States (CEEAC) , with a combined population of some 130 million.
The Regional Strategy for Central Africa will be achieved through first strengthening the regional infrastructure (focussed on the electricity, transport and ICT networks), and second supporting the reforms of CEEAC and the Economic and Monetary Community of Central Africa (CEMAC).
In 2018, the GDP growth rate in Central Africa doubled to 2.2% from 1.1% in 2017, but remained below the Sub-Saharan average in 3.5%, taking into account that growth in the region was mainly boosted by the global prices of basic products, mainly oil.
The General Directorate of the Office for Business Development and Regional Development at the Central African Bank indicated that “Central Africa has significant oil resources, and deposits of precious metals and minerals”.
4,421 million dollars correspond to 30 regional operations in a period of seven years, and around 88% of funds would go towards strengthening the regional infrastructure. The infrastructure components and development of institutional capabilities in the plan will also support the capacity for recovery of countries in the region.
The specific operations will also strengthen the resilience with respect to food insecurity, allowing socio-economic inclusion of vulnerable groups, and will preserve the ecosystems in the Congo Basin.
For the Business Development and Regional Development management at the bank, this continuing support by the African Development Bank for Central Africa is vital for the success of economic integration for countries in the region.
The new Regional Integration Strategy Paper continues the tradition of support interventions in critical economic sectors. Ultimately, it will be a huge boost for inter-regional trade and a highly necessary structural transformation for the business environment and policy.
The RISP meets the new Regional Integration Strategy Framework of the bank, which was approved in March 2018, and the Ten Year Strategy of the AfDB Group (2013-2022).
It is also in line with the priorities of CEEAC and CEMAC, and the top priorities of the bank.
Source: Equatorial Guinea Press and Information Office