African Development Bank Group approves UA 16 million to strengthen legal expertise and negotiating capacities of transition states

PUBLISHED: Tue, 22 Dec 2020 12:15:11 GMT
Share

Content provided by APO Group. CNBC Africa provides content from APO Group as a service to its readers, but does not edit the articles it publishes. CNBC Africa is not responsible for the content provided by APO Group.
Download logo

The Boards of Directors of the African Development Bank (www.AfDB.org) and the African Development Fund (ADF) have approved a grant of UA 16 million to the African Legal Support Facility (ALSF) to strengthen legal expertise and negotiating capacities of transition states in Africa.

The funds, from the ADF’s Transition Support Facility, will provide additional funding and operational flexibility through which the Bank can assist eligible Regional Members Countries (RMCs) facing issues of fragility to build resilience. The Targeted Support Window (Pillar III) through which the funds will be disbursed, provides a limited pool of resources to support capacity building and technical support activities which cannot easily be done through traditional institutional support projects and programs.

The Bank is strengthening its engagement with its RMCs by equipping them with tools to help ensure fair and balanced negotiations between African countries and investors and creditors that deliver maximum economic value to the countries, while protecting their sovereign rights. The legal assistance provided is expected to strengthen countries’ legal expertise and negotiating capacity in debt management and litigation; natural resources and extractive industries management and contracting; investment agreements, and related commercial and business transactions.  This will contribute to improving the overall governance and investment climate and facilitating investments in services and infrastructure delivery, as well as attracting private investments. Better management of debt and natural resources will also contribute to building long-term resilience.

This operational and financial support to the ALSF will be exclusively for bolstering its work in support of transition countries. This includes provision of technical assistance to strengthen legal expertise and negotiating capacities in matters pertaining to debt and vulture fund litigation; natural resources and extractive industries management and contracting; infrastructure development modalities; public-private partnerships (PPP) investment agreements, and related commercial and business transactions. This wide range of support to transition countries ensures that such countries negotiate deals that deliver greater financial and non-financial benefits to governments and their citizens.

Sign Up for Our Newsletter Daily Update

Get the best of CNBC Africa sent straight to your inbox with breaking business news, insights and updates from experts across the continent.
Get this delivered to your inbox, and more info about about our products and services. By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy.

The ALSF’s mission and operations priorities are closely aligned with the TSF’s: investing in quality and sustainable infrastructure; and delivering capacity to promote inclusive growth.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).Media Contacts: Amba Mpoke-Bigg Communication and External Relations Department Email: a.mpoke-bigg@afdb.org

Technical Contact: Karine Marie Paule M’BENGUE Transition States Coordination Office Email : k.m’bengue@afdb.org