The African Development Bank and the French Development Agency sign a € 2 billion co-financing partnership agreement for Africa [EN/AR/PT] – World
The African Development Bank Group and the French Development Agency on Wednesday signed a co-financing and partnership agreement to strengthen their relations and mobilize additional resources for high-impact projects in Africa.
The President of the African Development Bank, Dr Akinwumi A. Adesina, and the CEO of the French Development Agency, Rémy Rioux, signed the agreement in Paris on behalf of their two institutions.
The five-year agreement, from 2021 to 2026, targets an indicative amount (2 billion euros) of co-financing over its first three years. It will complement the current partnership between the two institutions with mutual understanding, facilitating staff exchanges, knowledge sharing and joint organization of events. The existing partnership already covers key sectors such as infrastructure, water and sanitation, agriculture and the private sector. The new agreement replaces a previous framework agreement signed in November 2015.
Aligning with the Finance in Common agenda, a forum organized by public development banks, the African Development Bank and the French Development Agency will capitalize on their respective expertise and experiences. They will focus on adaptation to climate change, sustainable infrastructure and urban development, governance and good management of public finances. They will also cooperate to strengthen the private and financial sector. This will include the development of joint actions to support human development and fight against fragility, particularly in the Sahel region.
Dr Adesina said: “This agreement that we are signing today is special because the French Development Agency is one of our most important partners. We have accomplished a lot working together and I know we will continue to do good things for Africa. I am excited about the future.
“It is both an official and personal partnership, carried by people who have the same strategic vision. My dear friend Rémy Rioux is a faithful and dear friend of Africa.
“It is important that the African continent emerges economically dynamic after Covid-19, and it can do so with strong support from its development partners. The African Development Bank and the French Development Agency, in collaboration with our countries at so many levels, can achieve this.
Mr. Rémy Rioux said: “The Covid-19 has widened inequalities on a global scale and disrupted the path towards achieving the Sustainable Development Goals. This is especially true on the African continent, which has been incredibly resilient, but also suffered one of the worst economic recessions in history.
“Public development banks active on the continent have a key role to play in financing the post-Covid recovery in Africa. We must strengthen our partnerships, by pooling financial resources and expertise, by aligning our objectives and procedures, to be more efficient and meet the needs of our customers.
“This is the spirit of the co-financing agreement that I am very happy to sign today with my dear friend Akinwumi Adesina and our long-time partner, the African Development Bank. Let’s finance together.
The African Development Bank and the French Development Agency maintain a fruitful partnership. The African Development Bank is the fourth financial partner of the French Development Agency and its first partner among regional multilateral banks. AFD is the Bank’s first bilateral financial partner.
The French Development Agency (AFD) implements the French policy of international development and solidarity. Through its funding from non-governmental organizations and the public sector, as well as through its research and publications, AFD supports and accelerates the transitions towards a fairer and more resilient world. It also provides training in sustainable development (at the AFD Campus) and other awareness-raising actions in France.
With our partners, we are building shared solutions with and for the inhabitants of the countries of the South. Our teams are working on more than 4,000 projects in the field, in the French overseas departments and territories, in 115 countries and regions in crisis. We strive to protect global public goods – health care. We are thus contributing to the commitment of France and the French to achieve the Sustainable Development Goals – towards a common world.