The German government is set to provide additional €18.4 million to support infrastructure development in the continent through the African Development Bank (AfDB).
This follows an agreement signed between the Kreditanstalt für Wiederaufbau (KfW), the German state-owned investment and development bank and AfDB on Tuesday to support the New Partnership for Africa’s Development Infrastructure Project Preparation Facility (NEPAD-IPPF).
The latest round of funding brings KfW’s contribution to NEPAD-IPPF to $58.14 million and is expected to 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.
“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,” said Mike Salawou, AfDB Director for Infrastructure and Urban Development.
NEPAD-IPPF is a multi-donor Special Fund, hosted by AfDB and 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.
“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,” added Christoph Tiskens, KfW’s Director for Eastern Africa and the African Union.
The new funding round is further backed to help accelerate the implementation of the African Continental Free Trade Area (ACFTA) though infrastructure development and regional integration.
