AfDB, EIB ink joint action plan to boost public, private investments in Africa amid COVID-19

The African Development Bank (AfDB) and the European Investment Bank (EIB) have signed a joint partnership action plan aiming to stimulate public and private sector investments in Africa amid the ongoing COVID-19 crisis.

The joint action plan focuses on climate action and environmental sustainability, transformative large-scale quality infrastructure investment, information and communication technology infrastructure and services, financial inclusion with a gender lens aimed at the empowerment of girls and women, education and training, and the health sector, according to the AfDB.

“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,” said AfDB’s acting Senior Vice President Bajabulile Swazi Tshabalala.

“Sustainable economic growth and security in regions facing particular challenges, such as the Sahel and Horn of Africa, are our top priority,”

Meanwhile, EIB Vice President Thomas Östros said that the signed action plan demonstrates the firm commitment of the EIB and the EU Bank to delivering investment that makes a real difference to Africa and enhance cooperation and engagement with African partners to ensure that Africa emerges from the health, social, and economic challenges of COVID-19.

Over the past 5 years, the shared portfolio of the two institutions has grown to €3.4 billion, leveraging investment totaling €10.2 billion for 26 projects across the continent, according to the AfDB.