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The Investment Climate Facility for Africa and AfDB Strengthen Partnership

By The Investment Climate Facility for Africa (ICF) a
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ABIDJAN, Côte d'Ivoire, June 8, 2015/African Press Organization (APO)/ -- The Investment Climate Facility for Africa (ICF) (http://www.icfafrica.org) and the African Development Bank (AfDB) (http://www.afdb.org) announced concrete actions aimed at further strengthening their already strong partnership. This enhanced cooperation is aimed at consolidating their synergies, minimising duplication and building on the achievements in investment climate interventions across Africa.

Logo AfDB: http://www.photos.apo-opa.com/plog-content/images/apo/logos/african-development-bank-2.png

Logo ICF: http://www.photos.apo-opa.com/plog-content/images/apo/logos/icf.png

AfDB recognizes the importance of improving the business climate as a means of enhancing competitiveness and attracting private investments. To this end, the Bank's Private Sector Development Strategy and the Governance Strategic Framework and Action Plan support the vision of building a competitive private sector across Africa that will be an engine of sustainable economic growth, employment creation and poverty reduction on the continent in the next decade and beyond.

ICF's quick wins implementation of reforms in over 30 countries on the continent has delivered, through an efficient modus operandi, a proven concept that has contributed to improving Africa's investment climate. The Bank and ICF strongly complement each other. To this end, the two institutions are stepping up efforts to upscale their engagement through joint implementation of high impact projects, organization of joint investment climate events, preparation of country/sector analytics, and embarking on joint resource mobilization initiatives.

As part of the enhanced collaboration, the AfDB and ICF organised a joint side event on the margins of the African Development Bank's 2015 Annual Meetings held in Abidjan, Cote d'Ivoire. The event, on the theme “Investment Climate: The Journey So Far” served, not only to engender debate on the state of Africa's investment climate, lessons learnt and proffer solutions to existing constraints, but also to mobilise both the private and public sector, as well as movers and shakers, to play a key role in delivering greater domestic and foreign investment, with important long-term benefits for inclusive growth.

On this occasion, Aly Abou Sabaa, Vice President of the African Development Bank, congratulated ICF for the immense contribution to improving Africa's investment climate during Phase I and reiterated the Bank's commitment to partner with ICF in Phase II. He challenged African Governments, the African private sector and existing and potential new contributors to support Phase II of ICF.

The ICF maintains that the success of Africa's socioeconomic development aspirations will depend on the level of private sector activity and a smooth public-private engagement - and this requires a commitment from African governments and institutions to implement investment climate reforms.

Distributed by APO (African Press Organization) on behalf of the Investment Climate Facility for Africa (ICF) and the African Development Bank (AfDB).

AfDB Contacts:

Baboucarr Koma, Principal Private Sector Development Specialist, T. +225 20 26 27 02 / [email protected]

Patricia Laverley, Principal Macroeconomist, T. +225 20 26 27 29 / [email protected]

Chawki Chahed, Chief Communications Officer, T. +225 20 26 27 02 / C. +225 01 17 72 72 / [email protected]

ICF Contacts:

Emilienne Macauley, [email protected]

Eunice Orio, [email protected]

Note to editors:

The Investment Climate Facility for Africa is a unique public-private partnership between government and business that aims to help Africa create a more attractive business environment and realise its potential as a global player and trading partner. ICF works to remove real and perceived obstacles to domestic and foreign investment by assisting Africans to prepare and promote the continent as an investment destination.

ICF is funded by major bi-lateral and multilateral development organizations as well as a number of leading corporations with multi-country investments in Africa. These are:

• Bi-lateral and Multilateral Development Partners – the governments of Germany, Ireland, Netherlands, South Africa and the United Kingdom, as well as the Africa Development Bank and the International Finance Corporation.

• Corporate Partners – Anglo American, Coca-Cola, SAB Miller, Sasol, Shell Foundation, Standard Bank and Unilever.

In addition to providing financial support, ICF's private and public sector sponsors have dedicated their skills, time and expertise which have helped to increase the breadth and depth of ICF's impact.

African Governments working in partnership with ICF include: Burkina Faso, Cape Verde, Ethiopia, Lesotho, Liberia, Mali, Mauritius, Mozambique, Rwanda, Senegal, Sierra Leone, Tanzania and Zambia, as well as the East African Community and OHADA. ICF's Corporate Partners include: Anglo American, Coca-Cola, SAB Miller, Sasol, Shell Foundation, Standard Bank and Unilever. Development partners include: Germany, Ireland, The Netherlands, South Africa, United Kingdom, Africa Development Bank and the International Finance Corporation.

For more information on ICF, or to find out how you can get involved, please visit www.icfafrica.org.

About the African Development Bank Group

The African Development Bank Group (AfDB) (http://www.afdb.org) 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 AfDB contributes to the economic development and the social progress of its 54 regional member states.

For more information: j.mp/AfDB_Media