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The African Legal Support Facility receives 6 Million euros from Germany/KfW

THE AFRICAN LEGAL SUPPORT FACILITY RECEIVES 6 MILLION EUROS FROM GERMANY/KfW

 

Abidjan, Côte d’Ivoire, 28th May 2021: The African Legal Support Facility (ALSF) and the Federal Republic of Germany signed a financing agreement for six million euros (€ 6 million) to support the work of the ALSF over a two-year period. With this funding, the ALSF can continue to provide technical legal assistance to African countries to strengthen their legal expertise and negotiating capacity in undertaking complex commercial transactions.

Previously, KfW on behalf of the Federal Republic of Germany has cumulatively extended a total grant of nine million euros (€ 9 million) to the ALSF. This funding has contributed to more than 98 projects African states, especially in ALSF’s focus areas – sovereign debt management, extractives and natural resources, energy, and infrastructure and PPPs. Altogether, these projects have helped African governments achieve better financial and non-financial outcomes, including increased revenues, infrastructural development, and economic growth, as well as promoted gender equality, environmental sustainability, and good governance.

With the current grant, the ALSF will continue to support the socio-economic development agenda of African countries, especially projects that contribute to Africa’s recovery from the pandemic, build resilience, and ensure sustainable development.  Over the next [2] years, this grant will contribute to an increase in private sector investment of up to 20 billion US dollars, generation of about 6,000 MW in renewable and non-renewable energy, and approximately 3 billion US dollars in savings and revenues for African governments.

The Director and CEO of the ALSF, Stephen Karangizi, noted that the Federal Republic of Germany and KfW are a dependable partner and supporter of the ALSF and its work in African countries. He acknowledged KfW’s support for ALSF’s projects as well as for strengthening the Facility’s internal governance systems. The timeliness of the grant will enable the Facility assist African countries to address the serious impacts of the Covid-19 pandemic as well as climate change issues.

 

 ?About the ALSF

Created by the African Development Bank in 2010, the ALSF supports governments in negotiating complex commercial transactions, providing legal and technical assistance in public-private partnership projects across the oil and gas, mining and energy sectors, and covering sovereign debt issues and creditor litigation.

 

Contact us

Eve Ehoura, Communication Officer : e.ehoura@afdb.org

ALSF Website : https://www.alsf.int