Januart 21/2021(ENA) The African Development Bank (AfDB) and the European Investment Bank (EIB) signed a joint partnership action plan on Wednesday to attain a fast-track development in African continent.
The agreement was signed by AfDB, Acting Senior Vice President Bajabulile Swazi Tshabalala, and Thomas Östros, EIB Vice President, during a virtual ceremony attended by more than 100 stakeholders from across Africa and Europe, it was indicated.
AfDB’s press release sent to ENA revealed that the Joint Action Plan was developed following an European Investment Bank delegation meeting with the African Development Bank in February 2020.
This joint partnership action plan is also expected to be highlighting their strengthened cooperation and mutual development priorities and a strong shared emphasis on boosting public and private sector investment in Africa, it was noted.
The release added 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 comprehensive advantage.
Accordingly, the institutions work together on 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.
“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 AfDB, Acting Senior Vice President Bajabulile Swazi Tshabalala.
Tshabalala added “sustainable economic growth and security in regions facing particular challenges, such as the Sahel and Horn of Africa, are our top priority.
European Investment Vice President, Thomas Östros said on his part said partnership is 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,” the vice president elaborated.