World Bank Approves $120 Million Financing Package to Enhance Financial Compliance in Chad
The World Bank has recently approved a significant financing package to support Chad’s efforts in improving financial compliance and strengthening its social protection system. This article provides an overview of the project, its objectives, and the impact it aims to make on the lives of Chadian citizens.
Project Overview
Financing Package
The World Bank has approved a $100 million International Development Association (IDA) financing package, along with an additional $20 million from the Sahel Adaptive Social Protection Program. This funding will support Chad’s efforts in improving financial compliance and strengthening its social protection system.
Project Objectives
- Increase access to social safety nets for poor and vulnerable populations, including refugees
- Enhance the productivity of extremely poor households
- Implement a package of integrated measures over three years to address climate shocks, particularly droughts
- Provide emergency cash transfers to 40,000 acutely food-insecure households in the event of flooding or a large influx of refugees
Project Components
The project will cover several key components:
- National Solidarity System: Designing a national solidarity system for populations experiencing the effects of poverty and promoting strong partnerships among technical and financial partners
- Adaptive Social Protection: Implementing a package of integrated measures over three years to address climate shocks, particularly droughts
- Emergency Cash Transfers: Providing emergency cash transfers to 40,000 acutely food-insecure households in the event of flooding or a large influx of refugees
Target Population
The project targets 62,200 households living in extreme poverty and vulnerable to climate shocks, including:
- 12,090 refugee households
- 28,210 households located in refugee-hosting communities
Impact
The project aims to make a significant impact on the lives of Chadian citizens by:
- Increasing access to social safety nets for poor and vulnerable populations
- Enhancing the productivity of extremely poor households
- Providing emergency cash transfers to acutely food-insecure households in the event of flooding or a large influx of refugees
International Development Association (IDA)
The International Development Association (IDA) is the arm of the World Bank that helps low-income countries through grants and low-to-zero-interest loans for projects and programs that boost economic growth, reduce poverty, and improve people’s lives. Since 1960, IDA has provided $552 billion to 115 countries.
Conclusion
The World Bank’s financing package will play a crucial role in supporting Chad’s efforts in improving financial compliance and strengthening its social protection system. The project aims to make a significant impact on the lives of Chadian citizens by increasing access to social safety nets, enhancing the productivity of extremely poor households, and providing emergency cash transfers in the event of flooding or a large influx of refugees.