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The African Development Bank has approved the establishment of the Africa Integrity Fund (AIF), which aims to finance programmes that aid the prevention, detection, investigation and sanctioning of corrupt practices in member countries.

The AfDB said the AIF will support measures targeted at accelerating the repatriation of stolen assets and alleviating the financial drain from illicit outflows, according to a statement released on Thursday. Target beneficiaries of grants under the AIF include law enforcement agencies, public audit institutions, tax authorities, civil society organizations, research and educational institutions, among others.

“We must have zero-tolerance for corruption, be it internal or external. We have to tighten our systems thoroughly,” said Akinwumi Adesina, the President of the AfDB.

The AIF is the brainchild of the AfDB’s Integrity and Anti-Corruption Department (IACD). The fund will be financed exclusively through the collection of financial penalties from entities found to be corrupt following IACD investigations. The AIF has about $55.25 million, with $33 million currently lodged in the AfDB’s escrow account.

“With the adoption of the AIF, financial penalties resulting from the Bank’s sanctions regime are re-invested into anti-corruption measures,” said Anna Bossman, the IACD’s Director Anna Bossman. “We are confident that the AIF will become a model for others.”