Finance institutions formally launch African Financing Partnership

May 27, 2010

The African Financing Partnership (AFP) has been formally launched by a group of eight development finance institutions.

Announced on May 26th, AFP is a platform for co-financing large-scale projects across the continent.

Among the institutions participating in the initiative are the African Development Bank (AfDB), the Development Bank of Southern Africa, the European Investment Bank, the International Finance Corporation and the Industrial Development Corporation of South Africa.

The group invested in excess of $8.8 billion (€7.15 billion) in improvement projects across Africa last year and President of the AfDB Donald Kaberuke described the AFP as "a major pillar in the partnership strategy of the AfDB".

And Tim Turner, Private Sector Director at the bank, added there is "an evident need for partnerships amongst development finance institutions" if private sector projects are to be completed across the continent.

The AfDB is currently holding its Annual Meetings in Abidjan, Cote d'Ivoire, which are being attended by leading figures from many African nations.