January 22

African Development Bank, European Investment Bank Seal Deal to Enhance Africa’s Development

By Obinna Chima

The African Development Bank (AfDB) and the European Investment Bank (EIB) yesterday signed a joint partnership action plan on how to boost 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.

According to a statement, the focus of the partnership 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, heightened the urgency for action, the statement added.

Source: THISDAY LIVE (link opens in a new window)

climate change, financial inclusion, gender lens, impact investing