| African Financing Partnership launched |
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The eight institutions are: the African Development Bank; Development Bank of Southern Africa; Deutsche Investitions- und Entwicklungsgesellschaft (DEG); European Investment Bank; Netherlands Development Finance Company FMO; Industrial Development Corporation of South Africa; IFC, a member of the World Bank Group; and Proparco. Donald Kaberuka, President of the African Development Bank, said at the launch: “The AFP is a major pillar in the partnership strategy of the African Development Bank. I applaud the Private Sector department for this initiative”. “This year, the target for collaborative co-financing is manifold, including financing projects in countries such as Sierra Leone and Côte d’Ivoire. These projects are in sectors such as infrastructure, power, renewable energy and agribusiness”, he added. “There is an evident need for partnerships amongst development finance institutions, for efficient utilization of our human and capital resources to meet vast financing needs of private sector projects in Africa” said Tim Turner, Private Sector Director of the African Development Bank. “The European Investment Bank is pleased to be a founding member of the African Financing Partnership. This marks a key step in improving cooperation and increasing aid effectiveness in the spirit of the Paris Declaration for the benefit of Africa. Last year, nearly three quarters of all EIB projects in Africa were financed with other partners, whose involvement and expertise increased both the sector scope and number of investments across the continent” said Plutarchos Sakellaris, the European Investment Bank’s Vice President responsible for Africa. Source:  |
Last week eight development finance institutions formally launched the (AFP), which aims to “enable greater cooperation and co-financing, and work towards improving joint assessment and evaluation of private sector projects across the continent”.
