Economic & Monetary Community of Central Africa Financial Institutions

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The CEMAC (Commission de la Communaute' Economique et Mone'taire de l 'Afrique Centrale) Regional Institutions Support Project aims to strengthen Central African regional institutions so that they can fulfill their mandates to encourage an expanded, better governed regional market, and a more transparent, better regulated and more competitive financial system. This will facilitate the reutilization of oil revenues for investment in Central Africa. There are four components to the project. The first component of the project is strengthening the Central Bank-BEAC (Banque des Etats de l 'Afrique Centrale). The project will support the implementation of the strategic plan of BEAC which covers four strategic themes: increasing the effectiveness of monetary policy; modernizing BEAC's operations; improving BEAC's governance and its policies and procedures; and enhancing BEAC's role in the region. The second component of the project is encouraging regional investment financing. This component will support BDEAC, (Banque de Developpement des Etats de l 'Afrique Centrale) implement its business plan for the next five years. The objective of BDEAC's business plan is to modernize and strengthen the institution so that it better performs its functions of promoting economic development and regional integration. The program aims to improve governance, project evaluation and portfolio management; financial management; and support activities. The third component of the project is improving regional economic policy coordination, financial sector supervision, and financial integrity. This component of the project is aims to strengthen institutions which focus on regional economic policy coordination, financial sector supervision and financial integrity. The fourth and final component of the project is support for project implementation. This component of the project will support the regional coordination team in BEAC as well as technical assistance as required for project implementation.