The African Development Bank Group and a network of African sovereign wealth funds have strengthened their partnership to mobilise local capital for major cross-border infrastructure projects.
The African Development Bank Group and the African Sovereign Investors Forum have agreed to deepen cooperation to finance infrastructure across the continent.
The two institutions signed a declaration of intent in Abidjan on June 26, 2026.
The agreement builds on their existing partnership. It will also support new investment platforms for projects that can transform African economies.
The partnership seeks to mobilise capital held by African institutions and direct it towards energy projects, regional transport corridors and other key sectors.
It will also support the New African Financial Architecture for Development, known as NAFAD.
The African Development Bank is promoting the initiative under its president, Sidi Ould Tah. It aims to increase Africa’s ability to finance its development priorities through local institutions.
Obaïd Amrane, the chief executive of Morocco’s Ithmar Capital and chairman of the African Sovereign Investors Forum, said the agreement would help put the Abidjan Consensus and NAFAD into practice.
“Strengthening the partnership between the African Development Bank Group and ASIF through this declaration of intent is a concrete and operational implementation of the Abidjan Consensus and the agenda of the New African Financial Architecture for Development (NAFAD),” Amrane said.
He said the forum remained committed to working with the bank to make NAFAD successful.
“ASIF reiterates its support for, and commitment to working with the African Development Bank Group for the deployment and success of NAFAD, thereby reinforcing the capacity of African institutions to mobilise resources and direct investments towards transformative projects,” he added.
Aida Ngom, the director of the bank’s Private Sector Development Department, said the agreement reflected a shared ambition to use African capital to meet the continent’s development needs.
“This declaration of intent illustrates the convergence of the ambitions of the African Development Bank Group and ASIF for the development of our continent and reflects an alignment with the Four Cardinal Points that guide the Bank’s interventions,” Ngom said.
She said investments in energy, regional corridors and other priority sectors could drive inclusive growth and shared prosperity.
The African Sovereign Investors Forum was launched in Rabat, Morocco, in June 2022.
It brings together 17 African sovereign wealth investors. The platform promotes cooperation, knowledge sharing and joint investment in projects that can support Africa’s economic transformation.
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