According to a statement issued by AfDB, the Joint Action
Plan was developed following an EIB delegation meeting with the African
Development Bank in February 2020.
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.
These themes 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, heightening the urgency for action.
The agreement was signed by African Development Bank, Acting
Senior Vice President Bajabulile Swazi Tshabalala, and European Investment Bank
Vice President, Thomas Östros, during a virtual ceremony attended by more than
100 stakeholders from across Africa and Europe.
The session was preceded by a short roundtable between the
two senior management members and representatives from both institutions.
Speaking at the event, Tshabalala said “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.
“Sustainable economic growth and security in regions facing
particular challenges, such as the Sahel and Horn of Africa, are our top
priority,” he added.
On his part, Thomas Östros, European Investment Vice
President said the partnerships are 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.
“Together the EIB and AfDB will enhance cooperation and
engagement with African partners to ensure that Africa emerges from the health,
social and economic challenges of COVID-19 to an even brighter 21st Century,”
said Östros.
The plan reflects the Bank’s High 5 development priority
areas as well as EIB’s priority areas for Africa. In the wake of COVID-19 both
institutions have devoted financing for rapid response to meet the budgetary
and health needs of countries in the region.
Click here to read the plan and for more information.