The African Development Bank Group (AfDB) and UK Export Finance (UKEF), the United Kingdom's export credit agency, have signed a Memorandum of Understanding to strengthen cooperation on co-financing projects across Africa and mobilise additional resources for the continent's sustainable development.

Abdul Kamara, Officer in Charge, Vice President of the African Development Bank Group, and Tim Reid, Chief Executive of UK Export Finance, signed the agreement on 21 October in Conakry, Guinea, on the sidelines of the fifth UK-West and Central Francophone Africa Trade and Investment Forum (WCAF V). It is the first framework agreement between the two institutions.

"Africa's financing needs call for partnerships that bring additional capital to the continent at scale. This agreement with UK Export Finance gives our cooperation a structured framework and opens new opportunities to finance the infrastructure and investments that will drive Africa's growth," said Abdul Kamara, OIC Vice President of the African Development Bank Group.

The Memorandum of Understanding provides a framework for the two institutions to identify, assess and develop co-financing opportunities for sovereign and non-sovereign operations in the Bank's regional member countries, drawing on each institution's financial instruments. The partnership will bring together development finance and export credit to crowd in additional capital for Africa's strategic investments. Priority areas include energy, infrastructure, water and sanitation, health, digital infrastructure, critical minerals, supply chain resilience, alongside agriculture and trade finance.

"This agreement deepens the relationship between UK Export Finance and the African Development Bank Group. By combining our financial instruments and expertise, we can unlock greater co-financing for the infrastructure, energy and trade priorities that matter most to Africa's growth. UKEF is committed to supporting that ambition, and this partnership will help us do so at greater scale", said Tim Reid, Chief Executive, UK Export Finance.

The partnership supports the Bank Group's efforts to mobilise capital at scale, in line with its Four Cardinal Points strategic priorities.

The agreement also reflects the long-standing partnership between the Bank Group and the United Kingdom. The United Kingdom joined the African Development Fund (ADF) in 1973 and became a member of the African Development Bank in 1983. He remains a major contributor to the African Development Fund, which is the Bank Group's concessional financing window.

The UK Export Finance, established in 1919 as the world's first export credit agency, provides finance and insurance to support UK businesses and is increasingly active across Africa.