The African Development Bank (AfDB) has signed a Joint Action Plan with the European Investment Bank (EIB) to foster public and private investments in crucial economic sectors, including environmental protection.
In addition to this, the partnership will focus on other themes such as; large-scale quality infrastructure investment; Information and Communication Technology (ICT) infrastructure and services; financial inclusion of the female gender; education and training; and the health sector.
The Joint Action Plan was signed today, in a virtual event, with the senior Vice President of AfDB, Swazi Tshabalala and Vice President of EIB, Thomas Ostros as the Chief signers.
This plan is an offshoot of the first action plan, signed in 2005 and seeks to actively support high-impact investments across Africa.
AgroNigeria had earlier reported that the AfDB had pledged a $6.5 billion support for the AU-led anti-desertification project – the Great Green Wall.
According to Tshabalala, this partnership will promote the bank’s commitment to the development of Africa, particularly through strategies that will ensure environmental protection, and consequently, better feeding mechanisms; one of which is its contribution to the Great Green Wall initiative.
She further explained that the plan was hinged on the AfDB’s “High Fives”, which are the major focal areas of the bank.
These five focal areas, in her remarks, are: “Light up and Power Africa, Feed Africa, Industrialise Africa, Integrate Africa and Improve the Quality of life for the people of Africa”.
“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,” she noted.
On his part, Ostros noted that the partnership will help chart African countries on the way to economic recovery, post-COVID.
“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,” he asserted.
On both parties’ support for agriculture and environmental protection investments, AgroNigeria gathered that both banks recently confirmed their support for biodiversity investments across the Sahel, at the recently held One Planet Summit.
The AfDB and EIB are both financiers of the Desert-to-Power initiative, in addition to several other energy and water projects.