By Bisola Adeyemo
The African Development Bank (AfDB) Group and the European Bank for Reconstruction and Development (EBRD) agreed on a partnership that will allow the institutions to do more in promoting sustainable private sector development in North Africa.
The Memorandum of Understanding (MoU) agreement between AfDB and EBRD was revealed in a statement from the AfDB, saying that the MoU would catalyse new sources of financing to help bridge the $2.5 trillion annual financing gap for development in Africa.
The bank noted that both institutions would capitalise on their expertise and experiences with a focus on climate change, green and resilient infrastructure and capital market development.
According to the President of the EBRD, Mr Odile Renaud-Basso said the pandemic had made a more urgent need for better and closer collective action, Environews reports
“Collaboration between the EBRD and the African Development Bank has grown from strength to strength over the years in the region.
“This partnership will allow our institutions to do even more to promote sustainable private sector development in North Africa.”
The new partnership would enable the two institutions to strengthen the potential for joint projects and activities as well as unlocking investment opportunities in their countries of operations.