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 overarching goal of the ALSF is to help maximize resources available for economic development and social progress in RMCs. This will be done by enhancing the access of RMCs to technical legal advice in dealing with lawsuits and other claims brought by vulture funds as well as in some other ancillary areas that enable the building of capacity.
In accordance with the overarching goal, the objective of the Facility focus on harnessing the gains from debt relief granted HIPCs, minimizing the diversion of those debt relief gains for purposes other than those agreed under the debt relief framework, strengthening assistance granted to HIPCs, fragile states and post-conflict countries, thereby enabling those RMCs to address the challenges posed by vulture funds. Specifically, the Facility will provide resources for (a) obtaining specialist legal assistance for the negotiation and/or litigation of vulture fund claims, and (b) building legal capacity on the continent to deal with this primary objective. As an ancillary objective, the Facility will enhance the capacity of RMCs to negotiate complex commercial transactions, including those in the natural resource sector, but this will be done on a reimbursable fee-basis.
To enable achievement of the stated goals and the implementation of its work, grants of financial resources would be mobilized in support of the work of the Facility. Resources so mobilized will be kept segregated in order to permit donors to contribute to both or either of the objectives of the Facility.
The Facility will be lodged at the Bank and would be an instrument to compliment the Bank’s work towards poverty reduction and the collective international efforts towards the Millennium Development Goals designed to improve the standard of living in developing countries.