THE World Bank Group Vice-President, Mrs. Victoral Kwakwa has pledged US$120 million for new projects in Lesotho during a meeting with Prime minister Sam Ntsokoane Matekane at the US Africa Summit.
business
Dec. 23, 2022
LENA
2 min read
WB pledges US$120 million for Lesotho projects
World Bank Group Vice-President, Mrs. Victoral Kwakwa
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Lesotho has signed $300 million Compact II that will focus on Health Systems Strengthening, the Market Driven Irrigated Horticulture and the Business Environment and Technical Assistance.
The World Bank has further pledged US$ 10 million Contingency Emergency Fund (Response) available for the climate related crises.
This was revealed by Minister of foreign affairs Lejone Mpontjoane during a press briefing on Thursday December 22 in Maseru when unpacking the details of the trip to United States of America. In the same meeting the World Bank pledged US$ 10 million Contingency Emergency Fund (Response) available for the climate related crises.
Mr Mpotjoane said there would be a visit to Lesotho by the World Bank experts in January 2023 to look into the issues of project management, public financial management, government accountability, contracts management and procurement management.
He indicated that the World Bank has however raised a concern that the implementation of the projects is slow and in most cases behind schedule. In that regard it was suggested that, there is a need to build capacity and consolidate the implementing units to fast-track execution of the projects.
“Prime Minister committed to effective execution as well as accountability frameworks to accelerate execution of World Bank programs,” Mr Mpotjoane said.
Chief Executive Officer of the MCC Ms Alice Albright with Lesotho Prime Minister Sam Matekane
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He added that the Prime Minister had a meeting with the Chief Executive Officer of the American Peace Corps, Thomas Peng who promised to send 50+ volunteers to Lesotho. This is after the agency suspended its operations in Lesotho due to COVID-19 pandemic.
He said the meeting further explored, among others, the possibilities of redesigning the Peace Corps program in Lesotho to align it with the key priorities of the Government which are agriculture production and processing, entrepreneurship and green energy generation.
On the sideline of the US Africa Leaders Summit, the Prime Minister and his delegation had a meeting with the Chief Executive Officer of the Millennium Challenge Corporation (MCC) Alice Albright. The Compact II received Royal Assent and MCC is anticipating the work to commence in the next 12 months instead of initially suggested period of 18 months.
Lesotho government signed the $300 million Compact II that will focus on Health Systems Strengthening, the Market Driven Irrigated Horticulture and the Business Environment and Technical Assistance.
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