In collaboration with the Coalition for Dialogue on Africa (CoDA), the African Development Bank (AfDB) has launched a three-year support project to combat illicit financial flows (IFFs) from the African continent. The information was made public by the banking institution last Thursday, March 9.

Due to the losses of African countries linked to IFFs, which are estimated between $50 and $80 billion every year, the African Development Bank and CoDA have launched a project to help African countries stem these flows and improve mobilization domestic revenue. Indeed, the launch of the project to support financial integrity and accountability in Africa (AFIAP) will make it possible to “improve regional coordination in the fight against illicit financial flows as well as the supervision and accountability of public finances, for optimal mobilization and management of revenues in African countries”.

The project targets selected AfDB member countries with a particular focus on public sector capacity in low-income countries, to build resilience through training, policy research, and advocacy.