An initiative named the Investment Climate Facility for Africa has been successfully developed and launched, to address key bottlenecks impeding African countries in improving their investment climates. It is a public-private financial facility seeking to make African countries more attractive to investment.
The United Kingdom (UK) government will provide $30 million over 3 years to the Investment Climate Facility. Royal Dutch Shell plc and Shell Foundation also announced that they would contribute a combined total of $2.5 million over 5 years, and Anglo American confirmed that they would also contribute $2.5 million over the same period. It is important that the African Private Sector also contributes to the Investment Climate Facility so as to ensure that it achieves its targeted goals. ICF’s development partners include the governments of Germany, Ireland, Netherlands, Norway, South Africa and the United Kingdom, as well as the Africa Development Bank and the International Finance Corporation.