AfDB: supporting African development
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.”
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.
Image source: AfDB
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