The African Development Bank Group (AfDB) and UK Export Finance (UKEF) have signed a memorandum of understanding (MoU) to expand co-financing opportunities and mobilise additional capital for strategic investments across Africa.

The agreement is aimed at combining development finance and export credit to support infrastructure development, energy, trade and other sectors critical to the continent’s economic growth.

The two institutions signed the agreement on October 21 in Conakry, Guinea, on the sidelines of the fifth UK–West and Central Francophone Africa Trade and Investment Forum (WCAF V).

It was signed by Officer in Charge of the AfDB Group’s Vice President, Abdul Kamara, and Chief Executive of UK Export Finance, Tim Reid, marking the first framework agreement between the institutions.

Kamara said the partnership would provide a structured framework for mobilising additional capital to address Africa’s financing needs.

“Africa’s financing needs call for partnerships that bring additional capital to the continent at scale,” he said, adding that the agreement would create opportunities to finance infrastructure and investments capable of driving economic growth.

Under the agreement, both institutions will identify, assess and develop co-financing opportunities for sovereign and non-sovereign projects in the bank’s regional member countries.

The partnership will focus on energy, infrastructure, water and sanitation, healthcare, digital infrastructure, critical minerals, supply chain resilience, agriculture and trade finance.

Reid said the agreement would deepen cooperation between the two institutions by combining their financial instruments and expertise to increase funding for Africa’s development priorities.

He said UKEF was committed to supporting the continent’s growth ambitions through increased financing for infrastructure, energy and trade.

The agreement aligns with the AfDB Group’s Four Cardinal Points strategic priorities, which seek to mobilise capital at scale and support sustainable development across the continent.

It also builds on the longstanding relationship between the United Kingdom and the bank. The UK joined the African Development Fund in 1973 and became a member of the African Development Bank in 1983.

The country remains a major contributor to the African Development Fund, the bank group’s concessional financing arm, which provides development funding on favourable terms to eligible African countries.

Established in 1919, UK Export Finance is the UK government’s export credit agency. It provides financing and insurance to support British businesses exporting goods and services, with an expanding presence across African markets.