The European Commission has approved a grant of 5 million euros to the African Legal Support Facility, to finance the Facility’s Medium Term Strategy for the next five years.
ALSF, hosted by the African Development Bank, to date has supported African countries to negotiate commercial deals worth more than US$60 billion in potential investments, mainly in the infrastructure and extractive sectors.
This assistance from the European Union, will boost resources required to consolidate these achievements and reinforce partnership between the two organisations in other common areas of interest, such as support to development work in fragile states, climate resilience and debt sustainability, ALSF Director Stephen Karangizi said.
Karangizi, thanked the EU for its generous support. He noted that the grant would help ALSF fulfil its mandate to assist African countries to negotiate and conclude equitable and sustainable agreements which would deliver greater benefits to African governments and their citizens in the years to come.
The African Legal Support Facility is an international organization hosted by the African Development Bank Group. The Facility is dedicated to providing legal advice and technical assistance to African countries in their negotiation of complex commercial transactions, creditor litigation and other related sovereign transactions. The ALSF also develops and proposes innovative tools for capacity building and knowledge management.
About the African Development Bank Group
The African Development Bank Group (AfDB) 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.