The African Development Bank (AfDB) and the European Investment Bank (EIB) have signed a joint partnership action plan that would fast-track the development of Africa with greater emphasis on boosting public and private sector investments.
The signing becomes highly imperative amid the ongoing and devastating COVID-19 pandemic which has been threatening the markets and livelihoods as well as increasing poverty across the African nations.
The mutual agreement was signed by Bajabulile Swazi Tshabalala, Acting Senior Vice President on behalf of the African Development Bank (AfDB), and Thomas Östros, Vice President, for European Investment Bank (EIB) at a virtual ceremony with representatives from both institutions.
What they are saying
According to Bajabulile Swazi Tshabalala, Acting Senior Vice President of African Development Bank:
- “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.”
According to Thomas Östros, European Investment Bank Vice President:
- “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”.
What you should know
- The African Development Bank Group and the European Investment Bank have been known to partner for critical developments in Africa.
- The Joint Action Plan is intended to enable both institutions to grow a shared pipeline of bankable projects around key complementary themes to which each institution would bring their comparative advantage.
- The critical areas of attention are as follows: 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.
- Recently, 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.
