The World Bank and Japan concluded on 7 September 2016 a memorandum of understanding to release a facility in the amount of $157 million in order to finance the DRC new agriculture project.
The facility will fund a project known as the Integrated Agriculture Growth Programme in the Great Lakes Region and seeks to fight against malnutrition. The World Bank availed $150 million while Japan provided $2.7 million.
Following the signature of the memorandum of understanding, DRC Finance Minister Henry Yav Mulang hailed the support being availed to the DRC government by the country’s partners.
Yav said “set aside the grant from the Japanese government, which will serve to cover nutrition and food security needs, the facility from the World Bank is a loan made under standard IDA 17 conditions, including a six-year grace period and 0.5% interest rate”.
According to Yav, the facility will help fund the Integrated Agriculture Growth Programme in the Great Lakes Region.