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$4 Billion recouped in the previous three years by the African Legal Support Facility enables Governments in Africa to stave off expenses from Business Transactions, disclosed the African Development Bank (AfDB)
Posted On 01 Oct 2021
By Abdul Rahman Bangura–
Photo Credit: Twitter
NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- The African Development Bank (AfDB) asserted in an announcement tagged ‘African Legal Support Facility celebrates achievements as it begins new 14-year mandate.’
The statement read, “African leaders lauded the African Legal Support Facility for helping governments avert billions of dollars in losses from business deals, and urged it to extend support to tackling illicit financial flows.”
It expanded, “At a high-level conference to review the facility’s achievements over the last decade, speakers including experts and business leaders, expressed confidence that the African Legal Support Facility was well-placed to advance Africa’s asset recovery and repatriation.”
Thabo Mbeki – an erstwhile President of South Africa and existing Chairman of the African Union’s high-level panel of illicit financial flows from Africa announced, “The African Legal Support Facility has already established its place as what might be called a front-line fighter to secure for Africa its resources. The Facility must assist African countries to negotiate fair and balanced contracts to eliminate opportunities for illicit receipt, use, or transfer of funds.”
“The bleeding of Africa’s natural resources, weak regulations, and limited capacity for review and negotiations have swindled some African countries, particularly low-income nations, comprising transition and fragile states,” he asserted.
The announcement expanded that, since its constitution in 2008, the African Legal Support Facility had given expert legal advice and technical aid to African nations in reconciling arduous commercial transactions, including creditor litigation.
For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent
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