AfDB, EIB partner to fast-track development in Africa
The African Development Bank (AfDB) has announced a joint partnership with the European Investment Bank (EIB) to highlight a strengthened cooperation, mutual development priorities, and a strong shared emphasis on boosting public and private sector investment in Africa.
The Joint Action Plan which was developed following an EIB delegation meeting with the African Development Bank in February 2020, will enable both institutions to grow a shared pipeline of bankable projects around key complementary themes to which each institution would bring their comparative advantage; and to curb the effects of the Covid pandemic which has increased poverty across the African continent and threatened markets and livelihoods.
The project highlights climate action and environmental sustainability; transformative large-scale quality infrastructure investment; Information and Communication Technology (ICT) infrastructure and services; financial inclusion with a gender lens aimed at the empowerment of girls and women; education and training; and the health sector.
Acting Senior VP, AFDB, Bajabulile Swazi Tshabalala explained: “It is crucial that more multinational development banks and other development finance institutions commit to closer and stronger collaboration, such as seen through this Joint Action Plan between the AfDB and the EIB, in order to more efficiently and effectively support our regional member countries during these troubling times. Sustainable economic growth and security in regions facing particular challenges, such as the Sahel and Horn of Africa, are our top priority.”
Thomas Östros, EIB Vice President who signed the agreement with Tshabalala during a virtual ceremony attended by more than 100 stakeholders from across Africa and Europe further stated:
“Partnerships are crucial for the EIB’s business and impact, and this partnership with Africa’s Bank is crucial for Africa. The Action Plan signed with the African Development Bank today demonstrates the firm commitment of the European Investment Bank, the EU Bank, to delivering investment that makes a real difference to Africa. Enhancing our work with the African Development Bank, Africa’s multilateral development bank, is a strategic priority for the EIB and Europe. 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.”
In the wake of COVID-19 both institutions have devoted financing for rapid response to meet budgetary and health needs of countries in the region. Over the past 5 years, the shared portfolio of the two institutions has grown to EUR 3.4 billion, leveraging investment totaling EUR 10.2 billion for 26 projects across the continent.
In recent years the EIB and AfDB have jointly supported clean energy, water, transport and private sector projects across the continent, from Morocco in the north, Senegal in the West, Kenya in the East and Zambia in the South, and elsewhere across Africa.
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