African Development Bank : new initiative to build financial acumen of African cities

The African Development Bank and United Cities and Local Governments, a global umbrella group for local and metropolitan governments, have announced the launch of a new program to build the capacity of municipal chief financial officers across the continent.

The Municipal CFO Initiative was announced during the 9th Africities Summit held recently in Kisumu, Kenya.

The new initiative will enable cities to tap financial markets more effectively in order to fund their local infrastructure and development projects. There is a pressing need for city infrastructure to grow and expand to meet the demands of Africa’s rapidly urbanizing cities.