Page 9 - AfrElec Week 03 2021

AfrElec INVESTMENT AfrElec

AfDB, EIB sign joint partnership action

plan to fast-track development in Africa

AFRICA THE African Development Bank (AfDB) and “Sustainable economic growth and security in
the European Investment Bank (EIB) have regions facing particular challenges, such as the
signed a joint partnership action plan that aims Sahel and Horn of Africa, are our top priority.”
to strengthen co-operation and mutual develop- The Joint Action Plan was developed follow-
ment priorities. ing an EIB delegation meeting with the AfDB in
The two partners aim to boost public and February 2020.
private sector investment in Africa, especially in “Partnerships are crucial for the EIB’s busi-
major infrastructure, power and sustainability ness and impact, and this partnership with Afri-
projects. ca’s Bank is crucial for Africa. The Action Plan
The Joint Action Plan enables both insti- signed with the African Development Bank
tutions to grow a shared pipeline of bankable today demonstrates the firm commitment of
projects around key complementary themes to the European Investment Bank, the EU Bank,
which each institution would bring their com- to delivering investment that makes a real dif-
parative advantage. ference to Africa. Enhancing our work with the
These themes are: climate action and environ- African Development Bank, Africa’s multilateral
mental sustainability; transformative large-scale development bank, is a strategic priority for the
quality infrastructure investment; information EIB and Europe. Together the EIB and AfDB
and communication technology (ICT) infra- will enhance co-operation and engagement with
structure and services; financial inclusion with African partners to ensure that Africa emerges
a gender lens aimed at the empowerment of girls from the health, social and economic challenges
and women; education and training; and the of COVID-19 to an even brighter 21st Century,”
health sector. said the EIB’s Östros.
The signing comes amid the ongoing corona- Over the past five years, the shared portfo-
virus (COVID-19) pandemic which is increasing lio of the two institutions has grown to €3.4bn,
poverty across the African continent and threat- leveraging investment totalling €10.2bn for 26
ening markets and livelihoods, heightening the projects across the continent.
urgency for action. Recent co-operation to increase venture cap-
The agreement was signed by African Devel- ital financing for innovation and technology
opment Bank, acting senior vice-president companies through the Boost Africa initiative
Bajabulile Swazi Tshabalala, and Thomas Östros, and commitment to the Desert to Power pro-
European Investment Bank vice-president, gramme highlights how public banks accelerate
during a virtual ceremony preceded by a short financing in priority policy areas.
roundtable between the two senior manage- In recent years the EIB and AfDB have jointly
ment members and representatives from both supported clean energy, water, transport and
institutions. private sector projects across the continent,
“It is crucial that more multinational devel- from Morocco in the north, Senegal in the west,
opment banks and other development finance Kenya in the east and Zambia in the south, and
institutions commit to closer and stronger elsewhere across Africa.
collaboration, such as seen through this Joint In the Sahel region, both AfDB and EIB are
Action Plan between the AfDB and the EIB, in financing climate and energy initiatives such
order to more efficiently and effectively support as Desert-to-Power and the Great Green Wall
our regional member countries during these Initiative.™
troubling times,” said Tshabalala.

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