ORGANIZATION FOR THE HARMONIZATION
OF BUSINESS LAW IN AFRICA
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Signature of an Additional Financing Agreement between OHADA and the World Bank Group

First Text Yaoundé (Cameroon), July 13, 2018
Second Text Signature of an Additional Financing Agreement between OHADA and the World Bank Group
url http://www.ohada.org/index.php/en/news/latest-news/2673-signature-of-an-additional-financing-agreement-between-ohada-and-the-world-bank-group

Yaoundé (Cameroon), July 13, 2018

The Conference Room of OHADA’s Permanent Secretariat hosted, on Friday, July 13, 2018, the signing ceremony of a financing agreement between the Organization and the World Bank Group, as part of the Improvement Investment Climate Project (PACI) in the OHADA Member States.

OHADA was represented at this ceremony by its Permanent Secretary, Professor Dorothé C. SOSSA, and the World Bank Group by Mr. Ibrah Rahamane SANOUSSI, acting as interim of  Mrs. Elisabeth HUYBENS, Resident Representative in charge of Cameroon, Angola, Equatorial Guinea, Gabon and the Democratic Republic of Sao Tome and Principe. On this occasion, the World Bank Group’s Representative welcomed the satisfactory implementation of the previous Grant Agreement and urged OHADA to maintain this high level of performance in the implementation of the Project. The Permanent Secretary, in turn, expressed OHADA's gratitude to the Bank and assured his interlocutor of the full mobilization of its teams for the good conduct of PACI.

With a total of 10,500,000 Special Drawing Rights worth approximately US $ 15 million, this new grant from the International Development Association is earmarked for funding the second phase of the PACI Project, whose components cover the capacity building of OHADA institutions in carrying out their operational mandate, supporting the project’s implementation and improving the financial information of the entities. The activities to be carried out within this framework will make it possible to record further progress in improving the business climate in the OHADA Member States.

The Permanent Secretary welcomes the renewal of this invaluable support from the World Bank Group, which illustrates the increasing recognition of OHADA among its various partners on the international scene. / -

 

The Permanent Secretary,

Prof. Dorothé C. SOSSA

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