GUINEA; UNITED KINGDOM —The African Development Bank Group (AfDB) and UK Export Finance (UKEF) have established a formal framework for identifying and developing jointly financed projects across Africa, creating a basis for closer coordination between multilateral development finance and the United Kingdom’s export credit system. The memorandum of understanding was signed on 21 October 2026 in Conakry, Guinea, by Abdul Kamara, Officer in Charge and Vice President of the AfDB Group, and Tim Reid, Chief Executive of UKEF, during the fifth UK–West and Central Francophone Africa Trade and Investment Forum.
The agreement covers potential sovereign and non-sovereign operations in the African Development Bank’s regional member countries. The institutions intend to identify, assess and develop opportunities using their respective financing instruments. The framework establishes a mechanism for cooperation rather than a commitment to fund a specific project, and the announcement does not disclose a financing amount, an initial project pipeline or a schedule for individual transactions.
The arrangement addresses a central challenge for African infrastructure and industrial development: securing sufficient long-term capital for projects that may require several financing sources. Combining development finance with export credit could help structure transactions involving public authorities, private companies, lenders and suppliers of UK-origin goods and services. The practical impact will depend on project eligibility, financing terms, risk allocation and the conversion of prospective opportunities into approved transactions.
Priority sectors include energy, infrastructure, water and sanitation, healthcare, digital infrastructure, critical minerals, supply-chain resilience, agriculture and trade finance. These areas span essential public services and commercially oriented investments, including utility networks, transport links, digital connectivity and mineral-related supply chains. Potential beneficiaries include African governments, infrastructure developers, industrial operators and businesses seeking financing for cross-border trade and capital projects.
For investors and project sponsors, the framework may create additional routes for financing projects that combine development objectives with commercial procurement requirements. Export credit support can be relevant to transactions involving eligible UK exporters, while AfDB participation can connect projects to the bank’s regional development mandate. However, the memorandum alone does not guarantee financing, procurement awards or contracts for UK companies.
The partnership also builds on the United Kingdom’s longstanding relationship with the AfDB Group. The UK joined the African Development Fund in 1973 and became a member of the African Development Bank in 1983. The African Development Fund provides concessional financing to eligible lower-income countries, while the broader AfDB Group supports economic development and social progress across its regional member countries. Established in 1919, UKEF is the UK government’s export credit agency, providing financing and insurance to help eligible UK businesses pursue international trade. The new framework formalises cooperation between the institutions, with its commercial significance ultimately dependent on the projects developed and the capital mobilised.
