AfDB–UKEF Partnership Opens New Financing Pathways for Africa’s Growth Push

Growing demand for infrastructure, energy systems, digital connectivity and social services continues to place pressure on public finances across the continent.

The African Development Bank Group (AfDB) and UK Export Finance (UKEF) have entered into a new partnership designed to boost financing for development projects across Africa, creating fresh opportunities to support critical investments that many countries need to sustain economic growth and improve essential services.

The agreement was formalised through the signing of a Memorandum of Understanding during the fifth UK–West and Central Francophone Africa Trade and Investment Forum held in Conakry, Guinea. The signing brought together Abdul Kamara, Officer in Charge and Vice President of the African Development Bank Group, and Tim Reid, Chief Executive of UK Export Finance, marking the first framework agreement between the two institutions.

Growing demand for infrastructure, energy systems, digital connectivity and social services continues to place pressure on public finances across the continent. The new arrangement is intended to help bridge funding gaps by combining development finance and export credit tools, creating a structure that can attract greater levels of investment into priority sectors.

New agreement creates a framework for joint funding of major development projects across Africa

Under the Memorandum of Understanding, AfDB and UKEF will work together to identify, assess and develop co-financing opportunities for both government-backed and private-sector projects in the Bank's regional member countries. The agreement allows both organisations to draw on their respective financial instruments and expertise, creating a broader platform for funding projects that might otherwise struggle to secure sufficient capital.

Abdul Kamara described the partnership as a practical response to Africa's substantial financing requirements, stating that the continent needs collaborations capable of bringing larger volumes of capital into key sectors. He said the agreement provides a structured foundation for cooperation and creates new opportunities to support infrastructure development and investments that can accelerate economic expansion across African countries.

The partnership covers a wide range of sectors considered essential to future growth. Planned areas of cooperation include energy projects, transport and infrastructure development, water and sanitation systems, healthcare facilities, digital infrastructure, critical minerals, supply chain strengthening initiatives, agriculture and trade finance. These sectors play a central role in supporting industrial growth, improving public services and expanding economic opportunities.

Energy, infrastructure, health, digital networks, agriculture and trade finance among key priorities

Tim Reid said the agreement strengthens the relationship between UKEF and the African Development Bank Group by bringing together their financial capabilities and technical expertise. According to Reid, closer cooperation will help increase co-financing for projects linked to infrastructure, energy and trade, allowing both organisations to support Africa's development priorities on a larger scale.

The initiative also supports the African Development Bank Group's broader strategy to mobilise greater volumes of capital for development and investment across the continent. By creating a formal mechanism for collaboration, the agreement is expected to improve the ability of both institutions to support projects that require substantial and often complex financing arrangements.

Partnership seeks to attract larger pools of capital for Africa's expanding investment needs

The signing reflects a relationship between the United Kingdom and the African Development Bank Group that spans several decades. The United Kingdom joined the African Development Fund in 1973 and became a member of the African Development Bank in 1983. It remains one of the important contributors to the African Development Fund, the Bank Group's concessional financing arm that supports lower-income countries.

Founded in 1919, UK Export Finance is recognised as the world's first export credit agency and provides finance and insurance solutions that support British businesses operating internationally. Its presence across African markets has expanded steadily, creating additional opportunities for collaboration with development finance institutions working throughout the continent.

As African economies seek larger investment flows to meet development goals, the AfDB-UKEF agreement provides a new channel through which public and private capital can be brought together, helping advance projects that strengthen infrastructure, improve services and support long-term economic progress.