Business - Featured - Finance - International - March 2, 2021

ALSF receives debt management capacity grant, $2.6 million from Norway, UK

The African Legal Support Facility(ALSF) has received grants from the governments of Norway and the United Kingdom (UK) to support its 2021 and 2022 work programs.

ALSF in 2010 by the African Development Bank (AfDB) to support governments in negotiating major commercial transactions. The Facility has supported African governments to negotiate 53 key commercial contracts valued at $97.8 billion.

The UK grant is in line with the debt service suspension initiative supported by the IMF and the World Bank, and comes as African countries continue to implement urgent measures to manage the spread of the COVID-19 pandemic and its socio-economic impacts, including the strain on their debt portfolios.

The Norwegian government, through its Agency for Development Cooperation has extended a grant of around £1.6 million to support the 2021 and 2022 work programs of the ALSF.

The Foreign, Commonwealth & Development Office of the United Kingdom provided a £1 million grant to the ALSF, which will go to supporting debt management capacity in low-income African countries. The funding forms part of a cooperation agreement signed by the two parties.

In his speech from the AfDB website, ALSF CEO Stephen Karangizi said the grants will enable his agency to respond effectively to African countries’ requests for legal and technical support.

“The consistent commitment of the Norwegian and UK governments to the ALSF’s mission is commendable and demonstrates their status as dependable development partners, especially in a challenging period for African countries.

These grants will promote sustainable investments and transactions to improve the lives of the people of Africa, ” he said.

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