African legal sector gets $22m boost


By Kathryn Higgins

07 March 2016 at 09:01 BST


The African Development Bank (ADB) has allocated $22m to help nurture legal services on the continent and level the legal playing field between African countries and foreign investors.

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The funds have been allocated to the African Legal Support Facility (ALSF) to 'support legal advisory and capacity building initiatives in fragile states'. In particular, the ALSF is looking to improve legal expertise around managing relationships with so-called 'vulture' funds – private equity funds that invest in debt likely to be in imminent default, with which many African countries must then engage in enforcement litigation or investor-state arbitration after financial default has occurred. By improving expertise in this area, the ADB and ALSF partnership hopes to build muscle for African nations that find themselves up against legally well-resourced international business operators, and in turn help African nations to build resilience and maximise available resources for economic and social development. Sources: African Law & Business; AllAfrica

 
   
 
 
 

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