By Francis Ogwo
The African Development Bank (AfDB) and the European Investment Bank (EIB) have signed a joint partnership action plan that speed up the development of Africa.
This is with the public and private sector investments as special focus.
The 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.
The Acting Senior Vice President of African Development Bank, Bajabulile Swazi Tshabalala, had said:
“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.”
In his remarks, Thomas Östros who is the European Investment Bank Vice President said:
“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.”
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.
Recall that 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.
Experts believe the partnership is timely in view of the ravaging impacts of the COVID -19 pandemic on businesses which has threatened livelihoods and jobs across Africa and the world at large.
