The African Development Bank(AfDB) said the German Government through KfW, will provide 10 million Euros, to replenish the New Partnership for Africa’s Development Infrastructure Project Preparation Facility (NEPAD-IPPF) Special Fund.
The Bank, in a statement on its website, said the fund by the German Federal Ministry for Economic Cooperation and Development (BMZ) aimed to boost regional infrastructure in Africa.
The agreement was signed in Berlin by Helmut Gauges, Head of Financial Cooperation in Subsaharan Africa on behalf of KfW, and AfDB Vice-President and Chief Financial Officer, Hassatou N’Sele.
According to the statement, Germany’s support will bolster NEPAD-IPPF’s efforts towards priority areas such as green and climate-smart infrastructure.
It said it would ensure 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 said it would also support Africa’s transformation under the Africa Continental Free Trade Area (AfCFTA) by boosting intra- and extra-African trade.
The KfW Director, Christoph Tiskens, said the partnership would support infrastructure development on the continent.
Tiskens said this would focus on areas such as climate change, gender, Agenda 2063, and a stronger focus would be on attaining the Sustainable Development Goals( SDGs).
He commended the achievements of NEPAD-IPPF and noted that more resources are required, given the increasing demands being made on the Fund.
“The KfW, on behalf of the German Government, is a key partner of AfDB and will continue to support facilities that play a key role in economic growth and poverty reduction,” Tiskens said.
The AfDB Vice-President and Chief Financial Officer said the support of partners such as Germany would enable AfDB to deliver on its important development mission.
N’Sele said this was especially as economies in Africa navigated new challenges in the face of overlapping global crises.
“With the replenishment of NEPAD-IPPF Special Fund, we are determined to further support our clients.
”While helping them realise their economic potential through increased infrastructure investments, contributing to green growth, inclusion, and job creation,” she said.
The AfDB Director for Infrastructure and Urban Development, Mike Salawou, said: “The new contribution from Germany is an indication of confidence in the AfDB’s leadership in infrastructure development and financing.
”It is a recognition that the NEPAD-IPPF Special Fund is playing a catalytic role in infrastructure development in Africa.
” It is therefore expedient to further strengthen the Fund with the necessary resources to enable it meet its objectives and mandate to prepare bankable projects to attract both public and private sector financing.”
BRANDPOWER reports that NEPAD-IPPF is a multi-donor Special Fund, hosted by AfDB with a leading project preparation facility in Africa.
It plays a catalytic role in providing technical and financial assistance for the preparation of regional infrastructure projects and programs.
Its mandate is to spur sustainable infrastructure development on the African continent through the preparation of bankable, investment-ready projects.