AfDB, UK Agency Join Forces to Finance Africa’s Energy and Infrastructure

The African Development Bank Group (AfDB) and UK Export Finance (UKEF) have established a new financing framework to unlock capital for strategic investments across Africa, with energy and infrastructure as priority sectors.

The two institutions signed a memorandum of understanding (MoU) on 21 October in Conakry, Guinea, on the sidelines of the fifth UK–West and Central Francophone Africa Trade and Investment Forum (WCAF V). The agreement seeks to combine development finance and export credit to expand funding opportunities for projects across the continent.

The partnership will support the identification, assessment and development of co-financing opportunities for both sovereign and non-sovereign projects in the AfDB’s regional member countries. Priority areas include energy, transport and other infrastructure, water and sanitation, healthcare, digital infrastructure, critical minerals, agriculture, supply chain resilience and trade finance.

Abdul Kamara, Officer in Charge of the AfDB Group’s Vice Presidency, and Tim Reid, Chief Executive of UKEF, signed the agreement, marking the first formal framework of its kind between the institutions.
Kamara said the arrangement would provide a structured mechanism for mobilising additional capital to address Africa’s substantial financing requirements and support investments capable of accelerating economic growth.

Reid said the partnership would strengthen cooperation between the institutions by combining their financial instruments and expertise to advance development priorities. He reaffirmed UKEF’s commitment to supporting Africa’s economic ambitions through increased financing for infrastructure, energy and trade.

For the energy sector, the agreement creates a potential avenue for expanding financing options for projects requiring substantial capital investment. Its broader focus on infrastructure and supply chain resilience also reflects the interconnected requirements of Africa’s industrialisation and energy development.

The agreement aligns with the AfDB Group’s Four Cardinal Points strategic priorities, which emphasise mobilising capital at scale and promoting sustainable development.

It also builds on decades of UK engagement with the bank. Britain joined the African Development Fund in 1973 and became a member of the African Development Bank in 1983. It remains a major contributor to the African Development Fund, which provides concessional financing to eligible African countries.

Established in 1919, UKEF is the UK government’s export credit agency, providing financing and insurance to support British exporters. The new framework offers an opportunity to deepen its engagement in African markets while expanding the institution’s capacity to support strategic investments.