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AFRICAN DEVELOPMENT BANK, EIB SIGN JOINT PARTNERSHIP ACTION PLAN TO FAST-TRACK
DEVELOPMENT IN AFRICA
* 20 January 2021
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The African Development Bank (AfDB) and the European Investment Bank (EIB) today
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 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.
These 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 signing comes amid the ongoing COVID-19 pandemic which is increasing poverty
across the African continent and threatening markets and livelihoods,
heightening the urgency for action.
The agreement was signed by African Development Bank, Acting Senior Vice
President Bajabulile Swazi Tshabalala, and Thomas Östros, European Investment
Bank Vice President, during a virtual ceremony attended by more than 100
stakeholders from across Africa and Europe. The session was preceded by a short
roundtable between the two senior management members and representatives from
both institutions.
“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 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,” said Thomas
Östros, European Investment Vice President.
The Joint Action Plan was developed following an EIB delegation meeting with the
African Development Bank in February 2020.
Shared priorities for supporting transformation
The plan reflects the Bank’s High 5 development priority areas as well as EIB’s
priority areas for Africa. In the wake of COVID-19 both institutions have
devoted financing for rapid response to meet budgetary and health needs of
countries in the region.
Building on track record of joint financial and technical support across Africa
Over the past 5 years, the shared portfolio of the two institutions has grown to
EUR 3.4 billion, leveraging investment totaling EUR 10.2 billion for 26 projects
across the continent.
The EIB and African Development Bank recognise the unique role of publicly owned
development banks in supporting high-impact and pioneering investment and
mobilising private sector financing.
Recent cooperation to increase venture capital financing for innovation and
technology companies through the Boost Africa initiative and commitment to the
Desert to Power programme highlights how public banks accelerate financing in
priority policy areas.
The unique financial and technical contribution of public banks was further
demonstrated earlier this month when the EIB and AfDB Presidents confirmed
enhanced support for biodiversity and investment across the Sahel under the
Great Green Wall initiative confirmed at the One Planet summit hosted by the
French President Macron and Prince Charles.
In recent years 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.
In the Sahel region, both AfDB and EIB are financing climate and energy
initiatives such as Desert-to-Power and the Great Green Wall Initiative.
The African Development Bank Group and the European Investment Bank have a long
history of cooperation, framed by their relationship as Multilateral Development
Banks and a Memorandum of Understanding on an Enhanced Strategic Partnership,
signed in 2005, between the EIB, the AfDB and the European Commission. They have
also signed a Procedural Framework for co-financed public sector projects.
Click here to read the plan and for more information.
About African Development Bank:
The African Development Bank (AfDB) Group is the premier development finance
institution in Africa with a mandate to spur sustainable economic development
and social progress in the continent, thereby contributing to poverty reduction.
The Bank Group achieves this objective by mobilizing and allocating resources
for investment in the continent; and providing policy advice and technical
assistance to support development efforts. The African Development Bank's
authorized capital of around $208 billion is subscribed to by 81 member
countries made up of 54 African countries and 27 non-African countries.
CONTACT
Susanna Seymour
* s.seymour@eib.org
* +352 4379 - 87207
Press Office
* press@eib.org
* +352 43791
RELATED PAGES
* EIB at a glance
RELATED TAGS
* partners
* Thomas ÖSTROS
* management committee
REFERENCE
2021-027-EN
CONTACT
Susanna Seymour
* s.seymour@eib.org
* +352 4379 - 87207
Press Office
* press@eib.org
* +352 43791
REFERENCE
2021-027-EN
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