Projects

AFDB, NDB PARTNER TO DELIVER LIFE-CHANGING PROJECTS

31 October 2019

The
African Development Bank and the New Development Bank have signed an agreement
to promote new impact projects to improve lives of millions of Africans.

Under the
deal, the New Development Bank, a multilateral development bank established by
BRICS countries of Brazil, Russia, India, China and South Africa will work with
the African Development Bank to jointly identify, prepare and co-finance
projects in countries of mutual interest.

The two
institutions signed a Memorandum of Understanding (MoU) agreement on 18
October, on the sidelines of the World Bank annual meetings, formalising the
partnership and general cooperation between them.

“Through
this cooperation, we will realise our shared objectives of promoting economic
and social development, and deliver sustainable development and infrastructure
projects at scale that change the lives of millions,” African Development
Bank President Akinwumi Adesina said, following the signing.

Projects
to be targeted cut across clean energy, transport infrastructure, irrigation,
water resource management and sanitation, sustainable urban development, and
economic cooperation and integration.

“This MoU creates a platform for sharing knowledge and deepening synergies between the African Development and NDB. The two banks will consider each other as ‘preferred’ partners and will harness their respective resource advantages and professional expertise, to build a long-term, stable and mutually beneficial relationship,” Kundapur Vaman Kamath, President of the New Development Bank, said.https://allafrica.com/stories/201910300197.html

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