The African Development Bank (AfDB) and the Islamic Development Bank (IsDB) recently signed a landmark agreement to strengthen partnerships at a country level.
Both parties have agreed to jointly pull together the sum of $2 billion over the next three years to finance projects in agriculture and food security, renewable energy, small and medium enterprises, and human development (health and education).
To realise the shared objective of the agreement, the IsDB and the AfDB both agreed to each contribute $1 billion over three years for joint activities focusing on these priority areas and sectors.
Speaking at the agreement signing ceremony at the AfDB headquarters in Abidjan, the Bank’s President Akinwumi Adesina, reaffirmed the Bank’s commitment and interest to build a stronger partnership with the Islamic Development Bank. Read more…
The IsDB will also engage with the AfDB to implement the High 5s– the five areas in which the AfDB is focusing on to help accelerate Africa’s economic transformation.
“Today’s meeting is about collaboration and partnership. AfDB and IsDB share common traits and the agreement we are signing is the highest with any development bank. We are very excited about the range of things we can do together and we are ready to work with you to move this movement,” Adesina said.
He continued: “We are going to work on a pipeline of projects in Africa stretching from agriculture to SMES, energy and human development. We need to create jobs for our women and youth.”
IsDB is among the largest contributors of co-financing to the AfDB, of which up until now the pair have co-financed projects valued at over $2.5 billion for the period 2002-2016.
As part of the landmark agreement, AfDB and IsDB are to complement and make use of each other’s staff expertise at country level.
The President of the Islamic Development Bank, Bandar Hajjar described the areas of partnership as crucial.
“We look forward to working with the AfDB in moving SMEs towards industrialisation, renewable energy and agriculture and food security. These areas will create jobs and lead to economic transformation and improve the lives of the people of Africa,” Hajjar said.
“SMEs can transform African economies from primary to industrial hubs,” he noted.
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