AFRICA – The African Development Bank and Kreditanstalt für Wiederaufbau (KfW), the German state-owned investment and development bank, have signed an agreement for a contribution of €18.4 million to the NEPAD – Infrastructure Project Preparation Facility (NEPAD-IPPF) Special Fund.
The funding, which brings KfW’s contribution to NEPAD-IPPF to $58.14 million, will support the facility’s drive to achieve its key priorities including the second Priority Action Plan under the Programme for Infrastructure Development in Africa (PIDA PAP2) through 2030. The New Partnership for Africa’s Development Infrastructure Project Preparation Facility (NEPAD-IPPF), a multi-donor Special Fund, hosted by the African Development Bank, is a leading project preparation facility in Africa, which plays a catalytic role in providing technical and financial assistance for the preparation of regional infrastructure projects and programs.
The agreement was signed in Abidjan, Côte d’Ivoire, by Christoph Tiskens, KfW’s Director for Eastern Africa and the African Union, and Mike Salawou, African Development Bank Director for Infrastructure and Urban Development. The signing of the agreement follows the German government’s 2024 announcement of the replenishment.
Tiskens commended the achievements of NEPAD-IPPF:
“The NEPAD-IPPF Special Fund has had remarkable success throughout the year, demonstrating significant progress in advancing regional infrastructure development in Africa. This replenishment aims to support infrastructure development with a focus on areas such as climate change, gender, Agenda 2063, the African Continental Free Trade Area (AfCFTA), and a stronger focus on attaining the Sustainable Development Goals.” He affirmed the German Government’s commitment to its partnership with the African Development Bank.
Salawou said:
“This replenishment marks a significant milestone in our long-standing partnership with Germany to advance infrastructure development and financing in Africa. With this support, NEPAD-IPPF will be better capitalized to scale up and speed up the preparation of transformational cross-border and climate-smart infrastructure projects, ensuring they are bankable and investment ready. This is an important step in accelerating implementation of the African Continental Free Trade Area (AfCFTA), regional integration, and economic growth. The Bank therefore values this partnership and will continue to strengthen it.”
The post African Development Bank and Germany signs €18.4 million financing agreement in support of NEPAD-IPPF to boost infrastructure project preparation in Africa appeared first on Caribbean News Global.
