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The German government, through its Federal Ministry for Economic Cooperation and Development (BMZ), has approved 10 million Euros to expand infrastructure in Nigeria and other parts of Africa.
The African Development Bank (AfDB) and KfW announced the replenishment of the New Partnership for Africa’s Development (NEPAD) – Infrastructure Project Preparation Facility (NEPAD-IPPF) Special Fund, designed to boost infrastructure.
The agreement was signed in Berlin by the Head of Financial Cooperation in Sub-Saharan Africa on behalf of KfW, Helmut Gauges, and AfDB Vice-President and Chief Financial Officer, Hassatou N’Sele.
Germany’s support will bolster NEPAD-IPPF’s efforts towards priority areas such as green, climate-smart infrastructure and a stronger focus on the second Priority Action Plan of the Programme for Infrastructure Development in Africa for the period 2021-2030 (PIDA-PAP 2). It will also support Africa’s transformation under the Africa Continental Free Trade Area 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 attaining the Sustainable Development Goals,” KfW Director, Christoph Tiskens, said.
He commended the achievements of NEPAD-IPPF and noted that more resources are required, given the increasing demands being made on the Fund. “KfW, on behalf of the German Government, is a key partner of the African Development Bank and we will continue to support facilities that play a key role in economic growth and poverty reduction,” he said
N’Sele said as economies in Africa navigate new challenges in the face of overlapping global crises, the support of partners such as Germany will enable the AfDB to deliver on its important development mission. “With the replenishment of NEPAD-IPPF Special Fund, we are determined to further support our clients while helping them realize their economic potential through increased infrastructure investments, contributing to green growth, inclusion, and job creation,” she said.
Commenting on the signing, AfDB Director for Infrastructure and Urban Development, Mike Salawou, said: “The new contribution from Germany is an indication of confidence in the Fund’s ability to successfully fulfil its mandate, and recognition that the NEPAD-IPPF is playing a critical role in infrastructure development in Africa. It is therefore expedient to further strengthen the Fund with the necessary resources to enable it to meet its objectives and mandate.”
Peoplesmind
