Foreign
THE African Development Bank and KfW, on behalf of the German Federal Ministry for Economic Cooperation and Development, BMZ, today announced the replenishment of the NEPAD – Infrastructure Project Preparation Facility, (NEPAD-IPPF, Special Fund, which aims to boost regional infrastructure in Africa. The German Government will provide €10 million to replenish the Special Fund.
The agreement was signed in Berlin by Helmut Gauges, Head of Financial Cooperation in Subsaharan Africa on behalf of KfW, and African Development Bank Vice-President and Chief Financial Officer, Hassatou N’Sele
Germany’s support will bolster NEPAD-IPPF’s efforts towards priority areas such as green, climate-smart infrastructure and a stronger focus on the second Priority Action Plan of the Programme for Infrastructure Development in Africa for the period 2021-2030, PIDA-PAP 2. It will also support Africa’s transformation under the Africa Continental Free Trade Area by boosting intra- and extra-African trade.
“The partnership aims to support infrastructure development with a focus on areas such as climate change, gender, Agenda 2063, and a stronger focus on attaining the Sustainable Development Goals,” said KfW Director, Christoph Tiskens. He commended the achievements of NEPAD-IPPF and noted that more resources are required, given the increasing demands being made on the Fund. “KfW, on behalf of the German Government, is a key partner of the African Development Bank and we will continue to support facilities that play a key role in economic growth and poverty reduction,” he said.
“As economies in Africa navigate new challenges in the face of overlapping global crises, the support of partners such as Germany will enable the African Development Bank to deliver on its important development mission,” N’Sele noted. “With the replenishment of NEPAD-IPPF Special Fund, we are determined to further support our clients while helping them realize their economic potential through increased infrastructure investments, contributing to green growth, inclusion, and job creation,” she said.
Commenting on the signing, African Development Bank Director for Infrastructure and Urban Development, Mike Salawou, said: “The new contribution from Germany is an indication of confidence in the Fund’s ability to successfully fulfil its mandate, and recognition that the NEPAD-IPPF is playing a critical role in infrastructure development in Africa. It is therefore expedient to further strengthen the Fund with the necessary resources to enable it to meet its objectives and mandate.
Distributed by APO Group on behalf of African Development Bank Group (AfDB).
A.
– July 07, 2023 @ 17:10 GMT |
Tags: Helmut Gauges NEPAD
