New Telegraph

AfDB, EIB sign partnership to fast-track development

The African Development Bank (AfDB) and the European Investment Bank (EIB) yesterday signed a joint partnership action plan highlighting their strengthened cooperation and mutual development priorities and a strong shared emphasis on boosting public and private sector investment on the continent.

The agreement was signed by AfDB, Acting Senior Vice President Bajabulile Swazi Tshabalala, and EIB Vice President, Thomas Östros, during a virtual ceremony preceded by a short roundtable between the two senior management members and representatives from both institutions. According to a statement by the AfDB, 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.

The themes are: 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. The statement noted that the “signing comes amid the ongoing COVID- 19, which is increasing poverty across the African continent and threatening markets and livelihoods, heightening the urgency for action.”

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