AfDB en­joins Nige­ria to re­plen­ish $25m NTCF Fund

Daily Trust - - BUSINESS - By Ab­dul­la­teef Salau

The African De­vel­op­ment Bank (AfDB) has ap­pealed to Nige­rian gov­ern­ment to con­sider re­plen­ish­ing the Nige­rian Tech­ni­cal Co­op­er­a­tion Fund (NTCF), which it de­scribed as an “im­por­tant in­stru­ment” in Africa’s de­vel­op­ment.

The bank’s coun­try di­rec­tor for Nige­ria, Mr Ebrima Faal made the ap­peal yes­ter­day in Abuja at a one-day sym­po­sium on “NTCF: A Ref­er­ence Point for Africa’s Sus­tain­able De­vel­op­ment and Re­gional In­te­gra­tion” or­ga­nized by Direc­torate for Tech­ni­cal Co­op­er­a­tion in Africa (DTCA).

NTCF is a spe­cial fund es­tab­lished by Nige­rian gov­ern­ment in 2014 to help in the eco­nomic and so­cial de­vel­op­ment of the AfDB’s re­gional mem­ber coun­tries. The fund, a seed of $25 mil­lion over ten years, is co­man­aged by the Bank and DTCA.

Faal said though Africa is plagued with mul­ti­fac­eted prob­lems of poverty, un­der­de­vel­op­ment, poor in­fra­struc­ture and ba­sic ser­vices, the fund has con­trib­uted sig­nif­i­cantly to al­le­vi­at­ing the chal­lenges.

“African coun­tries need to in­vest more in in­fra­struc­ture and ba­sic ser­vices, such as ed­u­ca­tion and health­care, and in­crease ac­cess to en­ergy and wa­ter. And they need to close the gen­der gap, strengthen and ex­pand so­cial safety to re­duce risk and vul­ner­a­bil­i­ties.

“The NTCF is an im­por­tant in­stru­ment in this re­gard. We en­cour­age the Nige­rian au­thor­i­ties to give favourable con­sid­er­a­tion to re­plen­ish­ing the fund, to make it pos­si­ble for African coun­tries to ben­e­fit from the pro­grammes of­fered by the fund,” Faal said.

The Act­ing Di­rec­tor Gen­eral of the DTCA, Mo­hammed Kachal­lah, said the $25 mil­lion funds had been used to es­sen­tially pro­mote co­op­er­a­tion and re­gional in­te­gra­tion across Africa through ca­pac­ity build­ing.

The Liberian Am­bas­sador to Nige­ria, Prof Al­has­san Con­teh, whose coun­try is among the ben­e­fi­cia­ries of NTCF, said the fund had helped Liberia in its post war pro­gramme for trans­form­ing ed­u­ca­tion sec­tor and en­hanc­ing pub­lic ser­vice de­liv­ery.

Newspapers in English

Newspapers from Nigeria

© PressReader. All rights reserved.