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Govt reviews annual portfolio performance with ADB and WB
The Government of Lao PDR, in cooperation with the Asian Development Bank (ADB) and the World Bank, yesterday jointly reviewed portfolio performance to address issues related to project implementation and strengthening of implementation effectiveness that will contribute to overall aid effectiveness in the country.
The Joint Country Portfolio Review (JCPR) Meeting was co-chaired by Mr. Somchith Inthamith, Director General of Department of International Cooperation, Ministry of Planning and Investment, Dr. Chong Chi Nai, ADB Country Director, and Ms. Keiko Miwa, the World Bank Country Manager in Lao PDR. Among the participants were representatives of the key government agencies, implementing agencies and development partners.
Mr. Somchith said at the opening ceremony that the meeting would assess portfolio performance, to review the achievement of Join Action Plan of 2010, identify sector specific and generic cross cutting issue, discuss ADB, WB and Government policy and procedure that hamper effective project implementation and agree on measures to help improve project level results.
Now there are 24 active projects supported by ADB in the cost US$ 384.4 million World Bank's ODA to Laos have 23 projects amount US$ 269 million, said Mr. Somchit.
The annual meeting presented an opportunity to review and comment on the status of the ADB and World Bank-financed portfolio in Lao PDR, as well as to analyze the implementation of the Joint Action Plan which was agreed upon in 2010. The two international financial institutions together currently finance a project portfolio worth some US$ 770 million, supporting projects through grants and loans in Lao PDR. Acknowledging overall progress, participants discussed ways of improving financial management practices to ensure further transparency and accountability as well as enhancing overall aid effectiveness in the country.
The JCPR meeting also focused on issues, constraints, and proposed solutions and next steps as crucial inputs for the 2011 Joint Action Plan. The discussions provided inputs and reference material for the concerned line ministries and for further improving the performance of ADB and World Bank financed projects in Lao PDR. The findings of the JCPR are expected to support capacity building of key partners in the Government of Lao PDR, to strengthen project implementation and effectiveness contributing to more sustainable economic performance, enhanced poverty reduction, improved infrastructure, and greater access to quality education and healthcare.
The 2011 JCPR findings are also expected to contribute to the preparation of the ADB and World Bank's next country partnership strategies (2012-2016 and 2011-2015 respectively).
kpl lao news agency
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