Abidjan, Côte d’Ivoire, August 19, 2026 – The Association of African Development Finance Institutions (AADFI) has reached a major milestone in the review of its Prudential Standards, Guidelines, and Rating System (PSGRS) for African Development Finance Institutions following the successful conclusion of the Third Meeting of the Task Force set up to lead the revision process. The meeting considered Draft One of the revised framework, ensuring alignment with global frameworks and moving the initiative significantly closer to its final phase.
Held from August 17 to 19, 2026, in Abidjan, Côte d’Ivoire, the Task Force meeting brought together experts from development finance institutions (DFIs), central banks, regulatory authorities, and strategic partners from across Africa. Participants reviewed the first consolidated version of the revised PSGRS.
As African governments increasingly rely on DFIs to mobilize long-term capital for infrastructure, industrialization, climate resilience, private sector development, and inclusive growth, the PSGRS review seeks to ensure that the framework remains responsive to the rapidly evolving development finance landscape and to strengthen the resilience of African DFIs.
Mr. Abdelouahab Boushaba, First Vice-Chairman of the AADFI, described the PSGRS review in his opening remarks as a strategic undertaking for both AADFI and African DFIs. In his words,
“The work we are undertaking here goes far beyond revising a technical document. We are building a reference framework to strengthen the resilience, credibility, and effectiveness of African development finance institutions in the years ahead.”
While Mr. Cyril Okoye, AADFI Secretary-General, reaffirmed the Association’s commitment to ensuring that the PSGRS continues to evolve alongside changing development finance realities and remains a relevant instrument for strengthening African DFIs.
“It is a pleasure to have members of the Task Force with us today. I would like to thank everyone for their commitment and for the significant work already accomplished.”
Mr. Ahmed Attout, Director of the Financial Sector Development Department of the African Development Bank (PIFD-AfDB), represented by Mr. David Ashiagbor, declared the meeting open. He reaffirmed the Bank’s support for the review, underscored the importance of strong assessment frameworks in strengthening the capacity of African DFIs, and commended AADFI for its leadership in modernizing the framework.
“The African Development Bank remains committed to working with AADFI and its members to strengthen Africa’s development finance system. The review of the PSGRS is necessary to ensure that the framework reflects the evolving realities of development finance institutions and equips them to respond to emerging challenges and opportunities.”
Dr. Michael Mahmoud, the Expert Lead of the PSGRS Review, underscored the importance of ensuring that the revised framework remains coherent, practical, and responsive to the evolving needs of African DFIs. He emphasized that the review is ultimately about delivering a framework that creates lasting value for the sector. Mahmoud said:
“We must work together to produce a document that will genuinely support the strengthening of development finance institutions across Africa.”
During the three-day session, the Task Force considered Draft One of the revised PSGRS, examining indicators, assessment criteria, scoring methodologies, and implementation to ensure that the provisions aligned with global frameworks and standards while recognizing the peculiarities of African DFIs. The final revised PSGRS will be launched at the CEO Forum of African DFIs, scheduled for November 4 to 6, 2026, in Maseru, the Kingdom of Lesotho.
The PSGRS review is supported by the Global Gateway Investment Climate Reform (GG ICR) Facility member institutions and partners.
About the PSGRS
The Prudential Standards, Guidelines, and Rating System (PSGRS) for African DFIs is AADFI’s flagship framework for assessing the governance, financial soundness, operational effectiveness, and development impact of African development finance institutions. Since its adoption in 2008, the PSGRS has served as a benchmark prudential framework for African DFIs, promoting sound institutional practices, good governance, and operational effectiveness.
The ongoing review seeks to modernize the framework, incorporate evolving international standards, address emerging challenges, and strengthen its relevance for the next generation of African DFIs.