Africa’s infrastructure financing needs are huge. Innovative partnerships are needed to bridge the financing gap and accelerate infrastructure development in Transport, ICT, Water and Energy, that are considered as drivers for growth, regional integration and industrialization.
It is in this optic that the African Development Bank Group signed a Financial Procedures Agreement with the World Bank Group (the GIF Trustee) on 18th of April 2018 as Technical Partner of the Global Infrastructure Facility (GIF).
Launched in 2015, the Global Infrastructure Facility is a partnership platform among governments, multilateral development banks, private sector investors, and financiers designed to support emerging markets to develop infrastructure economy by providing a new way to collaborate on preparing, structuring, and implementing complex projects that no single institution could handle on its own. GIF also supports governments in bringing well-structured and bankable infrastructure projects to markets.
GIF Technical partners are entities who have signed the FPA with the GIF Trustee in order to lead or participate in implementing GIF Activities. Current GIF technical Partners include Asian Infrastructure Investment Bank; Asian Development Bank; European Bank for Reconstruction and Development; European Investment Bank; Inter-American Development Bank; the World Bank Group and now the African Development Bank.
As GIF Technical Partner, the African Development Bank will be able to mobilize resources that will enable it to deliver on its High 5 priorities, especially in Energy, Agriculture (Water) and regional integration (Transport and ICT).
Original source: AfDB
Published on 19 June 2018
