The African Development Bank and the European Investment Bank have signed a joint action plan to boost public and private sector investment 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 their comparative advantage.
Climate action and environmental sustainability; transformative large-scale quality infrastructure investment; Information and Communication Technology infrastructure and services; financial inclusion with a gender lens aimed at the empowerment of girls and women; education and training; and the health sector are captured in the plan.
The signing by Acting Senior Vice President of AfDB, Bajabulile Tshabalala, and Vice President of EIB, Thomas Östros, comes amid the Coronavirus Disease, which is increasing poverty across Africa and threatening markets and livelihoods, heightening the urgency for action.
It took place during a virtual ceremony attended by more than 100 stakeholders from across Africa and Europe, preceded by a short roundtable between the two senior bank officials.
“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,” said Tshabalala. “Sustainable economic growth and security in regions facing particular challenges, such as the Sahel and Horn of Africa, are our top priority.
“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 AfDB today demonstrates the firm commitment of EIB to delivering investment that makes a real difference to Africa. Enhancing our work with AfDB, 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,” said Östros.