The African Development Bank’s Financial Modelling for the Extractives (FIMES) project has demonstrated significant achievements in its mission to support transitional African economies in achieving stability and growth.
Representatives from eight African countries, including Guinea, Liberia, Madagascar, Niger, Sierra Leone, South Sudan, and Zimbabwe, gathered for a concluding learning workshop in Abidjan last Thursday to share their experiences with the program, which was launched in 2020.
FIMES is a multi-country project funded by the African Development Bank Group’s Transition Support Facility and executed by the African Natural Resources Management and Investment Centre (ANRC). This initiative aims to enhance financial modeling capabilities and domestic tax revenue generation while strengthening the institutional capacity and resilience of seven transitional countries: Guinea, Liberia, Madagascar, Niger, Sierra Leone, South Sudan, and Zimbabwe.
Vanessa Ushie, Acting Director of the African Centre for Natural Resource Management and Investment, described FIMES as a pioneering and large-scale endeavor by the African Development Bank to enhance financial modeling capacity across Africa.
“With dedicated funding from the Transition Support Facility’s targeted support window, the FIMES programme strengthens these economies by addressing revenue leakages, governance mistrusts and institutional gaps,” Baldeh said.
“Improving their financial modelling capabilities is not just about improving transparency and accountability. It is also about creating lasting impact, catalysing private investment and creating space for wealth creation. As we close the programme [at the end of 2023], we proudly celebrate its profound influence in building resilience, developing institutional legitimacy and promoting long-term stability.”