Global Courant
The African Development Bank (www.AfDB.org) 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 will be aims to boost regional infrastructure in Africa. The German government will make €10 million available to supplement the special fund.
The agreement was signed in Berlin by Helmut Gauges, Head of Financial Cooperation in Sub-Saharan Africa on behalf of KfW, and Vice President and Chief Financial Officer of the African Development Bank, Hassatou N’Sele.
Germany’s support will strengthen NEPAD-IPPF’s efforts in priority areas such as green, climate-smart infrastructure and a stronger focus on the second priority action plan of the Program for Infrastructure Development in Africa for the period 2021-2030 (PIDA-PAP 2). It will also support Africa’s transformation under the African Continental Free Trade Zone 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 achieving the Sustainable Development Goals,” said Christoph Tiskens, Director of KfW. He praised NEPAD-IPPF’s performance and noted that more resources are needed given the increasing demands placed on the Fund. “KfW is an important partner of the African Development Bank on behalf of the German government and we will continue to support facilities that play a key role in economic growth and poverty reduction,” he said.
“As economies in Africa face 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,” noted N’Sele. “With the replenishment of the NEPAD-IPPF Special Fund, we are committed to further supporting our clients and helping them realize their economic potential through increased investment in infrastructure, contributing to green growth, inclusion and job creation” , she said.
Mike Salawou, Director of the African Development Bank for infrastructure and urban development, said of the signing: “Germany’s new contribution is an indication of confidence in the fund’s ability to successfully fulfill its mandate, and an acknowledgment that the NEPAD -IPPF plays a vital role in infrastructure development in Africa. It is therefore opportune to further strengthen the Fund with the necessary resources to enable it to fulfill its objectives and mandate.”
Distributed by APO Group on behalf of African Development Bank Group (AfDB).
Contact:
Amba Mpoke Bigg
Department of Communications and External Relations
e-mail: (email protected)
About the African Development Bank Group:
The African Development Bank Group is Africa’s leading development finance institution. It consists of three different entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and social progress of its 54 regional member countries. For more information: www.AfDB.org
About NEPAD-IPPF:
The New Partnership for Africa’s Development Infrastructure Project Preparation Facility (NEPAD-IPPF) (is a multi-donor dedicated fund hosted by the African Development Bank. It is a leading project preparation facility in Africa, playing a catalytic role in delivering technical and financial assistance for the preparation of regional infrastructure projects and programs. Its mandate is to promote sustainable infrastructure development on the African continent through the preparation of bankable, investment-ready projects. It supports African countries, regional economic communities and specialized regional infrastructure development agencies in preparing viable and high-quality regional infrastructure projects in the energy, transport, information and communication technology and transboundary water resources sectors. Participation in the Special Fund is open to donors, institutional funds and other special infrastructure funds.
This press release is issued by APO. The content is not checked by the African Business editors and none of the content has been checked or validated by our editors, proofreaders or fact-checkers. The publisher is solely responsible for the content of this announcement.
Germany provides €10 million to the NEPAD Infrastructure Project Preparation Facility (NEPAD-IPPF) to boost infrastructure development in Africa
World News,Next Big Thing in Public Knowledg
#Germany #million #NEPAD #Infrastructure #Project #Preparation #Facility #NEPADIPPF #boost #infrastructure #development #Africa
