World Bank Approves $6.78 Million CAR Grant

The World Bank said on Monday it has issued a $6.8 million grant to the Central African Republic to restore and manage basic services in the country.

The grant will be used to finance local projects to develop health care, education, security and water accessibility. The $6.78 million grant is being issued by the World Bank's Trust Fund for Low Income Countries under Stress (LICUS) and follows a first LICUS grant of $4 million approved for the CAR in August 2004.

"Our Management team sees this grant as part of our continuing efforts to restore normal financial relations with CAR, which will allow a scaling up of World Bank support for the country's recovery and longer-term development,' World managing director Juan Jose Daboub said.

"We hope that the citizens of CAR, and especially the poor, will begin to see tangible improvements in their living conditions,' added Daboub.

The new grant will add to the progress already achieved under the first LICUS grant, and will also serve as the foundation for reforms in the country's mining sector which is meant improve the country's business climate, create jobs and create economic growth.