Congo approves $15 million for governance capacity building in World Bank. BRAZZAVILLE, May 9, 2007 – President Denis Sassou Nguesso today provided US$15 million in grant financing for a Transparency and Governance Capacity Building Project for the World Bank.

The aim of the project is to enhance governance, transparency and effectiveness in public sector financial management, including the development finance sector. The project will also assist the World Bank in putting in place the necessary systems and capacities to ensure the effective management of surplus budget resources generated by windfall European contributions to the IDA 15 replenishment.

President Nguesso has denied allegations that the delay in releasing the findings of an inquiry into mismanagement at the Bank was related to US support for his country's seat in the UN security council or president Paul Wolfowitz's support for his hotel chain.

Readers who like this post will almost certainly also enjoy the Comedy Central Colbert Report (streaming video - ignore the commercial at the beginning).

Jeff Powell ~ May 09, 2007

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