The African Development Bank Group (AfDB) and European Bank for Reconstruction and Development (EBRD) have partnered, signing a Memorandum of Understanding (MoU) to promote the development of a sustainable private sector in Africa. According to the new partnership, the AfDB and EBRD will capitalize on their respective expertise, focusing on climate change, green and resilient infrastructure, and capital markets development, while bridging the $2.5 trillion annual financing gap.
The partnership will aid the institutions in strengthening potentials for future joint projects while opening investment opportunities in common countries of operations.
Speaking, president of the AfDB, Dr. Akinwumi Adesina said “The new partnership agreement between our two institutions will pave the way for us to do more together, especially in supporting the growth of Africa’s private sector. The impact of Covid-19 on government resources is huge and we need to mobilise more private resources to help African countries build back stronger.”
While signing the MoU, EBRD president, Odile Renaud-Basso said, “The COVID-19 crisis has made the need for better and ever-closer collective action even more urgent. Collaboration between the EBRD and AfDB has grown from strength to strength over the years in the region. This partnership will allow our institutions to do even more to promote sustainable private sector development in North Africa.”