The African Development Bank Group (AfDB) and Prosper Africa, a United State presidential initiative, have partnered by signing a $700,000 donor contribution agreement to strengthen data accountability in African markets.
This was revealed in a statement by Beth Dunford, AfDB vice-president for agricultural, human, and social development on Saturday, revealing that the United States treasury department was also part of the agreement.
“The platform, Prosper Africa, aims to develop a credit rating online data platform for African markets. It will serve as a vital online data and analytical tool to address long-standing challenges in data accessibility, which have historically skewed risk perceptions of African economies,” she said.
Dunford noted that the initiative aligns with the AfDB’s 10-year strategy (2024-2033) and its commitment to enhancing economic governance on the continent by strengthening the analytical capacity of AfDB regional member countries (RMCs).
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”By bridging the gap between perceived and actual investment risks, the platform is expected to lower funding costs for the AfDB’s regional member countries (RMCs),” she said.
She stated that the project aims to also enhance the analytical capacity of RMCs, helping them better understand credit rating methodologies and simulate credit ratings.
“The platform aims to provide high-quality, comprehensive, and timely information as a public good, which is critical to evidence-based policymaking,” Dunford said.
She also affirmed that it would improve the evaluation of investment risks across Africa and will be accessible to sovereign entities, credit rating agencies, investors, and researchers.
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