AfDB, EIB sign pact on speedy dev’t for Africa

The African Development Bank (AfDB) and the European Investment Bank (EIB) have signed a joint partnership action plan on mutual development priorities to boost public and private sector investments in Africa.

The Joint Action Plan enables both institutions to grow a shared pipeline of bankable projects around key complementary themes to which each institution would bring its comparative advantage.

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The focus is on climate action and environmental sustainability, transformative large-scale quality infrastructure investment, Information and Communication Technology (ICT) infrastructure and services, financial inclusion, education and training, and the health sector.

The signing comes amid the ongoing COVID-19 pandemic which is increasing poverty across the African continent and threatening markets and livelihoods, thereby heightening the urgency for action.

The agreement was signed by AfDB Acting Senior Vice President Bajabulile Swazi Tshabalala and Thomas Östros, EIB Vice President, during a virtual ceremony with over 100 stakeholders from across Africa and Europe.

Commenting, Tshabalala said, “Sustainable economic growth and security in regions facing particular challenges, such as the Sahel and Horn of Africa, are our top priority.”

Östros on his part said, “Together the EIB and AfDB will enhance cooperation and engagement with African partners to ensure that Africa emerges from the health, social and economic challenges of COVID-19 to an even brighter 21st Century.”

The Joint Action Plan was developed following an EIB delegation meeting with the African Development Bank in February 2020.