Nigeria Technical Cooperation Fund Celebrates First Ten-Year Life Cycle (2004 - 2014)

2 August 2017
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African Development Bank (Abidjan)

The Directorate of Technical Cooperation in Africa (DTCA) of Nigeria's Ministry of Foreign Affairs and the African Development Bank (AfDB) celebrated the completion of the first life cycle of the Nigeria Technical Co-operation Fund (NTCF) in a ceremony in Abuja on 1 August 2017.

The NTCF, a US$ 25-million Fund co-managed by the DTCA and AfDB was established as a grant facility for development projects/programmes to support the socio-economic and technological development of Regional Member Countries (RMCs) as well as promote regional cooperation and economic integration in Africa. The Fund which became operational on 5th April 2004, is considered to be the largest single bilateral co-operation fund established by an African Country at the AfDB and a remarkable symbol of Nigeria's commitment to promoting African brotherhood, solidarity and sustainable development of Africa in the spirit of South-South cooperation.

A total of 123 project proposals were considered under the NTCF as at June 2014 with 69 approved, and 24 fully completed. 45 are at various stages of implementation and therefore classified as ongoing. A 5-year administrative extension of the Fund has been obtained to ensure completion of the projects. All 54 African Countries have benefited directly or indirectly from NTCF interventions.

The celebratory event marked the laudable strides of the Federal Government of Nigeria in establishing the Fund and the effective role of the co-managers in administering it for Africa's development.

In her remarks, Nigeria's Minister of State for Foreign Affairs, Khadija Bukar Abba Ibrahim, described the NTCF as a paradigm shift in managing technical cooperation, and an innovation that has galvanized and strengthened regional cooperation and integration of the African continent.

For his part, President of the AfDB Group, Akinwumi Adesina noted the alignment of the Fund's focal areas with the Bank's High 5 priorities and lauded its impactful outcomes in the first cycle. "This partnership between Africa's largest economy and politically most influential country with Africa's premier financial institution is a natural one that is sharply focused on reducing barriers on the continent. We look forward to a successful replenishment of the NTCF and also to better development outcomes for the people of Africa," Adesina said.

The celebration was well-attended by members of the diplomatic corps, public and private sectors, academia, media and the general public.

Read the original article on African Development Bank (AfDB).

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