The Board of Directors of the African Development Bank has approved the creation of a virtual academy to build public financial management capacity in African countries.
In a statement, the pan African bank said countries will receive technical assistance through structured, targeted, dedicated and local training as well as through policy dialogue.
The academy, hosted within the African Development Institute of the AfDB Group, will deepen partnership with the International Monetary Fund, the World Bank and African countries to improve public financial management practices in Africa.
Other implementing partners include key regional public financial management institutions, regional technical assistance centres, universities, and national public administration training institutes.
Commenting, the acting Chief Economist and Vice President for Economic Governance and Knowledge Management of AfDB, Prof. Kevin Chika Urama, said: “It will enable the bank to leverage resources (skills, competencies, and finance) from sister multilateral development banks, international and African public financial management institutions to provide cutting-edge training, technical assistance and policy advice, embedded in the local realities of African countries.”
The Bank will also establish a Policy Laboratory Unit composed of certified global experts on public financial management who will be the faculty members to deliver the courses.