Announcement of IDA Approves Credit of Five Million Thirty Thousand US Dollars for a Technical Assistance Project on October 23, 1980

·1 • FOR IMMEDIA l°E RELEASE eWorldBank 1818 H Street, N.W., Washington, D.C. 20433, U.S.A.• Telephone: (202) 477-1234 IDA NEWS RELEASE NO. 81/8 October 23, 1980 IDA APPROVES CREDIT OF SDR 4. 1 MILLION ($5.3 MILLION) FOR A TECHNICAL ASSISTANCE PROJECT The International Development Association (IDA), the World Bank's affiliate for concessionary lending, has announced upproval of SDR 4. 1 million ($5.3 million) to the Government of Senegal for a technical assistance project. The three-year project aims at strengthening and improving the Government's ability to identify, select, prepare and monitor the execution of its develop- ment projects. It will strengthen also the public debt monitoring, budgeting and forecasting capacity and improve coordination between public financing and project financing requirement. Assistance will also be provided for the develop- ment of 11 contrats-plans 11 between Government and parapubl ic enterprises. • A pilot unit, which was established several years ago within the Ministry of Planning and Cooperation, initiated formal economic screening techniques and project monitoring systems. Although its focus on better analysis and monitoring has been generally well received, it has lacked the staff and resources to play a strong role in the selection of projects and the prepara- tion of development plans. The I DA-supported project, with a total cost of $6.2 mill ion, is expected to meet the unit's needs for more qualified professional staff, as well as strengthen- ing departments in the Ministry of Economy and Finance. It wi 11 also finance studies aimed at improving Senegal's portfolio of directly productive and export- oriented projects. The project will finance the recruitment of a wide range of experts for a total of about 35 man-years. Senior economists -- industrial, social services and public finance-- management and training consultants, and an advisor on 11 contrats-plans" will be among the internationally recruited staff. / ... NOTE: IDA credits are denominated in SDRs (Special Drawing Rights), which are valued on the basis of a 11 basket 11 of currencies. The U.S. dollar equivalent of the SDR amount of the IDA credit reflects the exchange rates existing at the time of negotiation of the credit . •  - 2 - The project will help to establish a pipeline of well-prepared and directly ~ productive projects which can be submitted to donors, including the World Bank, and lead to the more efficient use of domestic and external resources. The overal 1 administration of the project will be coordinate~ by the Division of Programming and Monitoring, Planning Department, Ministry of Plan and Coopera- tion, Building Administratif, Dakar, Senegal, Telex 3133 SG. The IDA loan is for 50 years, including ten years of grace. It wil 1 be interest free, but will bear a service charge of 3/4 of 1 percent to cover the Association's administrative costs. -0- • •