AfDB: supporting African development

By Leah Netabai

Over the course of the year African Development Bank (AfDB) has been instrumental in developing the African economy.

The bank's overall objective is, to continuously spur sustainable economic development and social progress within the region to reduce poverty. With its multiple investments over the last few months such as Egypt, Somalia, Zimbabwe, Eastern and Southern Africa, Ghana, Benin, Malawi and Sudan, it has certainly been living up to its ambition.

However, its efforts haven’t stopped there. Just this week, AfDB has signed a memorandum of understanding (MoU) with the U.S. International Development Finance Corporation (DFC) to further support African development. 

“To tackle the multitude of urgent development challenges facing Africa—from infrastructure development to financial inclusion and food security—collaboration with like-minded partners is essential,” said Adam Boehler, Chief Executive Officer of, the U.S. International Development Finance Corporation (DFC). “The MOU signed today will help harness the diverse strengths of DFC and the African Development Bank to make tangible progress on our shared goals across the continent.”

SEE ALSO:

The partnership will leverage the collective resources of both the AfDB and DFC to more effectively mobilise private capital for development goals in Africa, as well as strengthen cooperation on business development, due diligence, and ongoing monitoring of joint projects.

“The partners will focus on priority sectors including critical infrastructure, power and energy, financial services, and agriculture, and prioritise investments that empower the region’s women. Through these efforts, DFC and the Bank aim to invest a combined US$2bn, with a goal of mobilising an additional US$3bn from the private sector alongside their investments. Doing so would support total investment of US$5bn in regional development projects. The partners will use debt financing, equity investments, political risk insurance, and other financial tools to meet these goals,” said Akinwumi Adesina, President of the African Development Bank Group.

For more information on business topics in the Middle East and Africa, please take a look at the latest edition of Business Chief MEA.

Follow Business Chief on LinkedIn and Twitter.

Image source: AfDB

Share

Featured Articles

SAP creates new EMEA region and announces new President

SAP has announced it has appointed a new President for a newly-created EMEA region, aiming to make the most of the opportunities of cloud and AI technology

How SAP is facilitating continuous business transformation

Technology giant SAP has expanded its portfolio with the acquisition of LeanIX, a leader in enterprise architecture management (EAM) software

Siemens and Microsoft: Driving cross-industry AI adoption

To help businesses achieve increased productivity, Siemens and Microsoft are deepening their partnership by showcasing the benefits of generative AI

Sustainability must become central to corporate strategy

Sustainability

The endless benefits of putting your people first

Leadership & Strategy

Working from anywhere: SAP uncovers secret life of employees

Human Capital