The African Development Bank and the European Investment Bank are strengthening their collaboration through a joint partnership action plan. The objective is to accelerate development in Africa, particularly the dynamization of public and private investments in strategic sectors, such as the environment, infrastructure, technology, financial inclusion or even education and health

The African Development Bank (AfDB) and the European Investment Bank (EIB) have just signed a joint partnership action plan. The objective is to strengthen their cooperation to accelerate development in Africa through the dynamization of public and private investments.
The action plan thus allows the two institutions to develop a common basket of bankable projects focused on complementary areas, including combating the effects of climate change, large-scale innovative investments in quality infrastructure, information and communication technologies, financial inclusion — taking into account gender equality — education, training and health.
The partnership was sealed by Bajabulile Swazi Tshabalala, Acting Senior Vice President of the ADB, and Thomas Östros, Vice President of the EIB, at a virtual ceremony held on 20 January on the sidelines of a round table with representatives of the two institutions. It comes in an unprecedented context of Covid-19, which, according to the ADB, has caused an increase in poverty on the African continent and threatens markets and livelihoods, thus reinforcing the need for urgent action. “It is essential that more multinational development banks and other development finance institutions engage in closer and stronger collaboration, as shown in this action plan between the ADB and the EIB, so that our regional member countries are supported more effectively during this difficult period,” said Bajabulile Swazi Tshabalala.
Note that the Joint Action Plan focuses on the Bank's five “High 5” development priority areas as well as on the EIB's priority areas for Africa.
“The action plan signed today with the ADB demonstrates the strong commitment of the EIB, the Bank of the European Union, to generating investments that will bring real change in Africa. Strengthening our collaboration with the ADB is a strategic priority for the EIB and Europe”, said Thomas Östros.
Over the past five years, the joint portfolio of the two institutions reached 3.4 billion euros and generated a total of 10.2 billion euros in investments for twenty-six projects across the continent. They have supported a range of clean energy, water, transport or private sector projects across the continent, “whether in Morocco (north), Senegal (west), Kenya (east), Zambia (south) as well as elsewhere in Africa.”