The African Development Bank and the European Investment Bank are joining forces to accelerate development in Africa, particularly the boosting of public and private investment in strategic sectors such as the environment.
The partnership was sealed by Bajabulile Swazi Tshabalala, AfDB Acting Senior Vice-President, and EIB Vice-President Thomas Östros at a virtual ceremony on 20 January.
The two institutions will develop a common basket of bankable projects focusing on complementary areas, including the fight against the effects of climate change, innovative large-scale investments in quality infrastructure, information and communication technologies, financial inclusion – taking into account gender equality –, education, training and health.
This agreement comes in an unprecedented context of Covid-19 which, according to the AfDB, has led to an increase in poverty on the African continent and threatens markets and livelihoods, thus reinforcing the need for urgent action. The joint portfolio of the two institutions is estimated at €3.4 billion and has been allocated Total investments of $10.2 billion for twenty-six projects across the continent. Clean energy, water, transport and private sector projects across Africa.