AFRICA – The African Development Bank (AfDB) and the African Solidarity Fund (ASF) have signed a letter of intent to strengthen the two institutions’ working relationship and synergy.
This strategic partnership represents a first step towards boosting cooperation between the Bank and the Fund regarding knowledge-sharing and technical assistance in several areas related to risk management and the ASF’s organizational and management structures.
The African Solidarity Fund (ASF) is a multilateral financial institution based in Niamey, Niger. It comprises 21 African member states and the Development Bank of the Central African States (BDEAC).
The ASF’s mission is to contribute to the economic development and social progress of its African member states by facilitating access to the financial resources required to execute investment projects and other income-generating activities through its various intervention techniques.
The Fund’s primary intervention technique is guaranteeing bank loans intended to fund financially and economically profitable industrial, agricultural, commercial, infrastructure-related, and service-focused operations or projects executed or to be executed within the regional member states.
On the other hand, the African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF), and the Nigeria Trust Fund (NTF).
On the ground in 44 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states.
The partnership was ratified by Aida Ngom, Director of the Private Sector Development Department, on behalf of the African Development Bank Group, and Abdourahmane Diallo, the Fund’s Managing Director, at the opening ceremony of the third Ordinary Session of the Board of Governors of the African Solidarity Fund.
Diallo described the signing as a symbol of an ambitious and promising partnership between the two institutions.
He stressed his teams’ unwavering commitment to completing work in progress, which includes dynamic collaboration to implement the Bank’s projects and programs aimed at young people, women, and other target groups in Africa.
“This approach reflects the African Solidarity Fund’s commitment to promoting inclusive and sustainable development on the continent,” he said.
Aida Ngom commented, “As far as the African Development Bank is concerned, the African Solidarity Fund is a strategic and important institution. We look forward to our two institutions working more closely together via this strategic partnership.”
The letter of intent was signed on the sidelines of the opening ceremony of the 3rd Ordinary Session of the Board of Governors of the African Solidarity Fund, which was chaired by Nialé Kaba, Côte d’Ivoire’s Minister of the Economy, Planning and Development.
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