The African Development Bank Group (AfDB) and UK Export Finance (UKEF) have agreed to expand co-financing for infrastructure, energy and other sustainable development projects across Africa, aiming to mobilise additional capital for strategic investments.
The two institutions signed a Memorandum of Understanding on October 21 during the fifth UK-West and Central Francophone Africa Trade and Investment Forum in Conakry, Guinea. The agreement establishes their first formal cooperation framework.
AfDB Officer in Charge and Vice-President Abdul Kamara and UKEF Chief Executive Tim Reid signed the agreement, which will enable the institutions to identify, assess and develop joint financing opportunities across AfDB member countries.
The framework covers both government-backed and private-sector projects, drawing on the financial instruments and expertise of the two institutions.
Priority sectors include energy, infrastructure, water and sanitation, healthcare, digital infrastructure, agriculture and trade finance. The partnership will also support critical minerals projects and initiatives designed to strengthen supply-chain resilience.
Kamara said the agreement would provide a structured basis for cooperation and create opportunities to finance infrastructure and investments needed to support Africa’s economic growth.
Reid said combining the institutions’ financial resources and expertise could unlock greater co-financing for the continent’s infrastructure, energy and trade priorities. He added that UKEF remained committed to supporting Africa’s development objectives on a larger scale.
The partnership is intended to help attract additional public and private investment by combining development financing with export-credit support. This approach could help expand funding options for projects that require substantial capital and international commercial participation.
The agreement also aligns with the AfDB’s broader efforts to mobilise more financing for African economies and support sustainable development across its member states.