The Group of Eight (G8) major economies, which met in Northern Ireland this week, have pledged support for African initiatives, especially infrastructure development.

The G8, namely Canada, France, Germany, Italy, Japan, Russia, the UK and the US, has called for the replenishment of the African Development Fund, which supports a range of poverty reduction programmes, including infrastructure projects and capacity building.

“The G8 urges multilateral development institutions to establish and prioritise as part of the ongoing work of the International Development Association-17, the African Development Fund-13 and European Development Fund-11 replenishments, more effective mechanisms for collaboration on project preparation, funding and risk mitigation for Africa’s regional infrastructure programmes,” it said in a statement.

The G8 added that it recognised the work being done by the Group of Twenty (G20) Finance Ministers and Central Bank governors on financing for infrastructure in Africa.

The group added that it had committed to exploring collaboration with the private sector, international financial institutions and other international organisations to facilitate institutional investment flows into bankable trade-related infrastructure projects in developing countries.

“We welcome the financial support provided to the African Development Bank’s (AfDB) African Legal Support Facility and the Facility for Fair Exploitation of Extractive Resources in Africa, and encourage other countries to commit to these facilities. In support of such initiatives, we will partner with resource-rich developing countries, the private sector and civil society to strengthen capacity and increase transparency in the extractive sectors,” it said.

The African Legal Support Facility is a legal technical assistance facility that aids low-income countries in addressing the growing challenge of litigation by so-called vulture funds.

In addition, it offers a technical advisory facility that helps regional member countries to negotiate extractive resource contracts to create an appropriate, enabling environment, with modern legal and regulatory frameworks, for the extractive resources sector.

AfDB president Donald Kaberuka welcomed the commitment by the G8, saying it reflected the recognition of African priorities and an appetite for partnership between the G8 and African leaders.

“Africa seeks to trade her way out of poverty, but, to do so, she must deal with the issue of the cost of doing business and the risk of small fragmented markets, through hard and soft infrastructure,” he said.