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Sunday, Istanbul, 5 October 2009 - Japan and the African Development Bank (AFDB) have committed a grant of USD 500,000 to the African Business Roundtable (ABR) from the Fund for African Private Sector Assistance (FAPA). In a ceremony organized on the side of the World Bank/IMF Annual Meetings in Istanbul, a grant agreement was signed by AfDB Private Sector Operations Director, Mr. Tim Turner and ABR President Dr. Bamanga Tukur.
The technical assistance contribution from FAPA will be used to assist ABR to execute its mandate effectively and to increase its associations’ membership and enhance its financial sustainability in the longer run. Specifically, the grant will be used by ABR to undertake specific support activities to ABR core members, business associations in Africa.
In doing so, the private sector in Africa will be strengthened through a stronger representative role of local business associations who can advocate for a better local business environment, and who can support in particular their SME members through advice, networks, referrals, and through the identification of new business opportunities.
The ABR, an African business association whose objectives are to strengthen the private sector in Africa; promote intra-Africa trade and investment; and attract foreign investment to Africa is active through various Chapters across Africa.
The Fund for African Private Sector Assistance (FAPA) is a component of the Enhanced Private Sector Assistance Initiative (EPSA), a billion-dollar joint initiative of Japan and the AfDB to promote private sector development in Africa. The FAPA trust fund provides untied grants for studies, technical assistance and capacity building for private sector projects and African institutions such as ATMS and AMSCO. Since FAPA's creation in 2006, Japan has contributed USD 30 million while the AfDB has contributed USD 10 million. To date, FAPA has committed some USD 21 million to support 26 ongoing projects across the African continent.