WASHINGTON, May 29, 2014--Today, the World Bank Group (WBG) and the Agence Française de Développement (AFD) signed a framework co-financing agreement to provide coordinated assistance to their client countries, with a focus on Africa.
This innovative agreement, the first of its kind, will allow the Bank and AFD, acting as co-lenders, to better collaborate by streamlining the requirements that countries would need to comply with during implementation of projects.
“This framework co-financing agreement is in line with the principles of the Paris Declaration that calls for donor coordination, client orientation, simplification of processes, and reduction of transaction costs to benefit client countries,” said Kyle Peters, World Bank Vice President for Operations Policy and Country Services. “It also contributes to implementation of one of the aims of the World Bank Group’s strategy: to maximize development impact through partnerships.”
“This agreement allows us to improve our support to countries and to increase aid effectiveness, particularly in Africa,” noted Catherine Garreta, AFD Executive Director for External Relationships and Partnerships. “By delegating supervision of co-financed projects to the World Bank, we make implementation easier for client countries.”
