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.