MOU for African Financing Partnership signed by AfDB
28 January 2010
The African Development Bank (AfDB) has signed a Memorandum of Understanding (MOU) for the African Financing Partnership (AFP).
President of the AfDB Donald Kaberuka explained this year's target would be the collaborative co-financing of infrastructure, renewable energy and agribusinesses projects.
At the signing ceremony, he recalled the private sector successes in 2009, mentioning the Main One Cable in Nigeria and the joint financing of over $1 billion (£619.3 million) worth of projects under a partnership model.
"The MOU is a major achievement in the harmonisation and coordination process amongst AFP partners," he noted.
AfDB private sector director Tim Turner also commented that this partnership would leverage private sector capital for investment in Africa, adding that it would also "drive growth in the continent".
The AFP was initially formed in September 2008 following a year-long dialogue between shareholders and it considers organisations such as itself to be a "vital component of enhancing the effectiveness and efficiency of large and complex financings in Africa".