28 June 2013

Ghana and Islamic Development Bank Join African Legal Facility

Photo: Amplats
Khomanani platinum mine in South Africa.

SPONSOR WIRE

"Ghana and the Islamic Development Bank (IsDB) have joined the African Legal Support Facility (ALSF), bringing its total membership to 54," the African Legal Support Facility (ALSF) said in a statement released on 26 June 2013. Ghana is now the 48th country to join the facility and the IsDB the sixth international organization to become a member.

"In particular, the membership of the Islamic Development Bank is a further indication of the positive spirit of cooperation demonstrated so far towards the ALSF and it shall be followed by the approval of an IsDB financial contribution to the Facility of up to US$ 1 million ," ALSF Director, Stephen Karangizi said.

An independent body hosted by the African Development Bank (AfDB), the ALSF supports the AfDB's Regional Member Countries in the negotiation of complex commercial transactions and litigation brought against them by vulture funds. It also provides capacity building. It was established in response to the challenges faced by African governments in their dealings with deep-pocketed international investors who often took the upper hand in negotiations.

The ALSF provides assistance to African countries to strengthen their legal expertise and negotiating capacity in debt management and litigation, natural resources and extractive industries management and contracting, investment agreements, and related commercial and business transactions. The ALSF also grants and advances funds to African countries for legal advice from top legal counsel in these areas. The ALSF's goal is to ensure fair and balanced negotiations.

Copyright © 2013 African Development Bank. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.