The African Development Bank (AfDB), European Investment Bank (EIB), and the OPEC Fund for International Development (OFID) have announced a partnership to support the African Capitalisation Fund, a new private equity fund to be created by the International Finance Corporation (IFC) Asset Management Company.

The Fund will capitalise systemically important private sector commercial banking institutions in Africa to spur economic recovery and job creation. 

 "AfDB, EIB, OFID and other investors will provide up to $200 million in commitments for the Fund,” ADB said in a press release.

The fund aims to strengthen the banking sector by increasing capacity for lending by African banks, improving corporate governance and risk management.

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