ACBF-AfDB: Amendment to the Memorandum of Understanding on the African Governance Outlook
On 11 November 2011, the African Development Bank made further progress in its collaboration the African Capacity Building Foundation (ACBF) on financial governance
This took the form of signing an amendment on the Memorandum of Understanding between the two parties, originally signed in December 2010.
That event began the work of implementing the African Governance Outlook (AGO) in ten pilot countries.
The AGO is a new flagship report on financial governance that focuses on core areas of the AfDB’s mandate on governance. Coordination is the responsibility of the Governance, Economic and Financial Management Department (OSGE), under the guidance of its director, Mr. Isaac Lobe Ndoumbe.
The AGO’s strategic aim is to create an effective African-based diagnostic tool that involves local organizations in assessing the quality of financial governance in Africa.
The AGO will help monitor progress and trends over time, support evidence-based policy dialogue with regional member countries, and inform the Bank’s country strategies, operational programming and results monitoring.
It will also serve as the main tool to articulate Africa’s voice on financial governance.
With this amendment, both partners agreed to implement the pilot project in two phases. Phase One will cover five countries and Phase Two a further five countries. Some amendments were also made in the financing arrangements and disbursement of the initial memorandum.
Dr Kamal El Kheshen, Vice President of the AfDB, said that this amendment would “contribute to strengthening the strategic relationship between ACBF and the AfDB”.