The African Development Bank (AfDB) and the Coalition for Dialogue on Africa (CoDA), an independent African forum, announce a three-year project to help curb money laundering, bribery and other illicit financial flows (IFF) in African nations.
The formal launch of the African Financial Integrity and Accountability Support Project (AFIAP) was held earlier this week at African Union headquarters in Addis Ababa. The project is designed to equip AfDB member states, especially low-income countries, to achieve better financial oversight and enforce policies that limit corruption.
“In addition to combating illicit financial flows, this project will contribute to promoting greater efficiency in public financial management in order to boost revenue mobilization and management,” said Abdul Kamara, the AfDB Deputy Director-General for Eastern Africa Regional and Business Delivery Office.
Africans lose an estimated US$88.6 billion annually to IFF, according to a report from UNCTAD, the United Nations agency on trade and development, published in 2020. The economic losses and impacts on domestic programs due to diverted funds often affect the quality of life for those who can least afford it.
“CoDA welcomes this financial support of the AfDB,” said Souad Aden-Osman, the organization’s executive director.