ABIDJAN,
Ivory Coast, March 1, 2021/ -- 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.
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