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The Netherlands Ministry for Trade and Development Cooperation is extending a €6 million grant to the African Legal Support Facility (ALSF), to support the ALSF’s work providing legal and technical services to low-income countries to give them more clout in commercial dealings.
The funding will be disbursed over a three-year period. ALSF Director Stephen Karangizi thanked the Netherlands, a shareholder of the African Development Bank, for its strong support over the years. “The assistance will help the ALSF to better respond to the impacts of COVID-19 and help countries to recover much faster to enhance sustainable, inclusive development in Africa,” he said.
Since 2013, the Netherlands has cumulatively provided €15.5 million to the ALSF to ensure that African countries achieve maximum economic value for their resources.
The funds provided by the Netherlands enabled the ALSF to successfully assist many African governments to strengthen their legal expertise and negotiating capacities, particularly in the areas of natural resources and extractives.
Created by the African Development Bank in 2010, the ALSF supports governments in negotiating major commercial transactions, providing legal and technical assistance in public-private partnership projects across the oil and gas, mining and energy sectors, and covering sovereign debt issues and creditor litigation. The Facility has supported African governments to negotiate 53 key commercial contracts valued at $97.8 billion.
Distributed by APO Group on behalf of African Development Bank Group (AfDB).
Media contact:
Kwasi Kpodo
Communication and External Relations Department
African Development Bank
Email: k.kpodo@afdb.org
About the African Development Bank:
The African Development Bank Group (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 41 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. For more information: www.AfDB.org.
