Published: May 28, 2010
Institutions encourage private sector investment.
Eight development agencies have formed a partnership to encourage greater private sector investment in projects to help alleviate poverty in Africa.
The African Financing Partnership has been formed by institutions including the African Development Bank, the Development Bank of Southern Africa and the European Investment Bank. It aims to finance projects in Sierra Leone and Côte d’Ivoire in the infrastructure, power, renewable energy and agribusiness sectors.
The other participants in the project are Deutsche Investitions-und Entwicklungsgesellschaft, Netherlands Development Finance Company FMO, Industrial Development Corporation of South Africa, the IFC and Proparco.
Last year the same organisations invested more than US$8.8bn in projects across the continent. AfDB president Donald Kaberuka said this latest partnership is a major part of the bank’s strategy.