The 2019 Annual Meetings of the African Development Bank Group will be held from 11-14 June 2019, in Malabo, Republic of Equatorial Guinea. Find out more
The Republic of Guinea has become the first African nation to make a voluntary financial contribution to the African Legal Support Facility (ALSF).
Commenting on the contribution, the ALSF Director, Stephen Karangizi, thanked the Government of Guinea for its support. “This contribution is timely and will go towards our efforts to assist African countries to negotiate complex commercial transactions, creditor litigation and other related sovereign transactions”, he said.
The ALSF relies on external funding for its operations. Thus the contribution from Guinea, a country forging ahead with structural reforms to boost its economy, is a welcome development. “This contribution by Guinea is a testament to the value of our work to African countries,” Karangizi said.
The ALSF’s work in Guinea involves advisory support to the Simandou project, considered to be the largest mining ore deposit in the world. The institution is also working in partnership with the government of Guinea to strengthen the legal capacity of officials in structuring and negotiating Power Purchase Agreements.
Karangizi further called upon African countries to participate in supporting home grown initiatives such as the ALSF. “The involvement of more African countries is instrumental in helping us to formulate solutions that are beneficial to our members,” he reiterated.
Guinea, a member of the ALSF, signed an agreement establishing the ALSF in October 2008. Today, the ALSF boasts of 59 members comprising 52 African nations and seven international organisations. Headquartered in Abidjan, the ALSF is an international institution hosted by the African Development Bank. It was established by African Finance Ministers in 2008 with the aim of helping Heavily Indebted Poor Countries (HIPCs) in Africa to address primarily, the problems of creditor litigation.