US$308 Million Grant to Cte d'Ivoire Clears Arrears to the World Bank Group and Triggers Strong Re-engagement.

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M2 PRESSWIRE-3 April 2008-WORLD BANK GROUP: US$308 Million Grant to Cte d'Ivoire Clears Arrears to the World Bank Group and Triggers Strong Re-engagement(C)1994-2008 M2 COMMUNICATIONS LTD

RDATE:02042008

WASHINGTON -- The World Bank Board of Executive Directors approved a grant for US$308 million to the Republic of Cte d'Ivoire to clear its arrears dating from 2004 to the World Bank Group and provide US$35 million in budget support.

This operation paves the way for a strong re-engagement by the World Bank with a further US$226.5 million to support Cte d'Ivoire's post-conflict reconstruction efforts, especially in the areas of economic reform, governance, community rehabilitation, and the provision of basic social services.

"The...