BY PHUMELELE MKHONTA
MBABANE– Thumbs up!
The African Development Bank (AfDB) satisfied with the Eswatini portfolio implementation progress at the mid-term of Country Strategy Paper.
This is according to reports by the Marabi Post, which stated that in a meeting held about two weeks ago, the Board of Directors of the African Development Bank Group approved the mid-term report of the implementation of the bank’s 2020-2024 Country Strategy Paper (CSP) for Eswatini and the 2022 country portfolio performance.
According to the reports by the Malawian publication, the review assessed the extent to which the objectives and expected outcomes of the bank’s strategy and captured lessons learned at mid-term of the CSP, while determining the continued relevance of the CSP priority areas for the remaining implementation period.
“The bank’s portfolio performance in Eswatini was rated three on a scale of one to four, with one being ‘Very Unsatisfactory’ and 4 being ‘Very Satisfactory’.”
This simply means that Eswatini was rated 3/4 (75 per cent).
Approved by the Bank Group’s Boards of Directors in February 2020, the Eswatini 2020-2024 CSP focuses on two priorities which are scaling-up infrastructure investments to promote economic diversification and strengthening economic governance to improve the investment climate.
“These align with the bank’s 10-year strategy and its high five operational priorities. The strategy is also aligned with Eswatini’s national development priorities. The mid-term report was prepared following extensive consultations with the government, private sector, civil society and development partners,” read the publication.
The Country Strategy Paper of Eswatini cites 11 projects that are to be approved during the remainder of the CSP period, 2022-2024.
To hasten projects, AfDB is looking into designing innovative financing instruments, including syndication, tailor-made to the needs of Eswatini, an economy whose private sector is dominated by micro, small, and medium-sized enterprises. The Bank could also use partial risk and partial credit guarantees to
Eswatini is among the African countries that can access the resources of the ADB Window, the Middle Income Country Technical Assistance Fund (MIC TAF), and other trust funds and development partners, such as the OPEC Fund for International Development and the European Union, have expressed interest in co-financing ongoing or potential Bank projects in the agriculture, water and sanitation, and energy sectors.
When sought for comment on Eswatini AfDB’s 75 per cent approval on implementation progress, Government Spokesperson Alpheus Nxumalo said Eswatini had always been sensitive and aggressive in implementation of programs the country had entered into with continental and international partners.
“This shows the confidence these organisations have bestowed in the country and overall, this should serve as a source of motivation and inspiration for the implementation of related programs,” said Nxumalo.
The overarching objective of the African Development Bank (AfDB) Group is to spur sustainable economic development and social progress in its regional member countries (RMCs), thus contributing to poverty reduction.
The Bank Group achieves this objective by mobilising and allocating resources for investment in RMCs and providing policy advice and technical assistance to support development efforts.
