A Memorandum of Understanding (MoU) to enhance collaboration on sustainable economic development was signed on Wednesday by the Asian Infrastructure Investment Bank (AIDB) and the African Development Bank (AfDB) and formalised during the World Bank-International Monetary Fund Spring Meeting in Washington, DC.
The mandates and comparative advantages of the two institutions converge around infrastructure development; particularly energy and power, transportation and communication. These key activity areas will provide a framework to foster collaboration in developing programmes, co-financing, and other forms of financial assistance, knowledge and staff exchange.
AIIB Vice President for Policy and Strategy, Joachim von Amsberg, remarked that, “Today’s MoU with AfDB reflects a strong partnership between two institutions with the same vision to promote sustainable economic development. Egypt, Ethiopia, Madagascar, South Africa and Sudan have all joined or have been approved to join the AIIB as non-regional members.
AfDB Senior Vice President, Charles Boamah, stressed that, “This partnership will benefit the bank by leveraging additional resources for the continent, which are critical to the achievement of its High 5 development priorities.”
He said it was key for the bank to cooperate with new development players like AIIB and to join forces in raising the voice of developing and emerging economies in the global policy landscape.