The African Development Bank Group and Deutsche Investitions- und Entwicklungsgesellschaft (DEG), the Development Finance Institution that is a subsidiary of KfW, have reinforced their strategic partnership to enhance private sector development across Africa.
Officials from both institutions met in Abidjan, Cote d'Ivoire, on 14 May 2025.
Solomon Quaynor, Vice President for Private Sector, Infrastructure and Industrialization at the African Development Bank was joined by Wale Shonibare, Director, Energy Financial Solutions, Policy and Regulation, Aida Ngom, Director of Private Sector Development, and members of the private sector and energy teams.
Roland Siller, CEO of DEG was accompanied by Bernhard Tilemann, Director for West Africa and Rena Terfruechte, Director for Corporates in Africa.
During the meeting, the two sides explored several avenues to deepen collaboration and investment aimed at bolstering the private sector, including private equity funds, small and medium enterprises, renewable energy, drive infrastructure and industrial development across the continent, and ESG benchmarking as a prelude to exploring mutual reliance.
"This strategic partnership with DEG represents an important pillar in our efforts to mobilize private capital for Africa's development," said Quaynor. "Together, and along with KfW, we are creating innovative solutions that address the continent's most pressing challenges while unlocking new opportunities for sustainable growth."
DEG, which had a portfolio in 2024 of €11.6 billion, with €3.1 billion allocated to Africa and the MENA region, has maintained a robust partnership with the Bank Group that includes as many as 20 private equity fund projects with combined commitments totaling approximately $548 million, and co-financing of renewable energy and industrial projects.
"Our longstanding partnership with the African Development Bank continues to be a cornerstone of our Africa strategy," said Siller. "By combining our strengths and coordinating our approaches, we can achieve greater impact and create more sustainable economic opportunities across the continent."
