The African Development Bank Group (AfDB) and members of the African Forum of Deposit Funds have agreed to deepen their cooperation to promote sustainable, long-term investment across Africa.

The two parties reached the agreement during a deposits and consignments fund forum hosted between September 7 and 9 in Benin Republic, with the AfDB stating that the alliance would support productivity across the continent.

“Through this strategic alliance, they aim to support productive investment, strengthen the continent’s economic resilience and contribute to more inclusive growth,” the AfDB said in statement on Wednesday.

It added, “Recognising the importance of institutional cooperation, both parties intend to coordinate responses to geopolitical and economic uncertainties, climate-related disruptions, global shocks, market dependencies , and social economic divides.”

The African Forum of Deposit Funds is a platform for exchange and dialogue among public financial institutions responsible for collecting, managing and using savings or other forms of long-term public resources to support environmentally sustainable economic and social development.

Despite the latest agreement, the AfDB noted that both parties would respect each other’s institutional diversity and complementary mandates but would work together strategically to improve shared missions across various sectors on the continent.

Commenting on the latest alliance, Director of the Financial Sector Development Department at the African Development Bank Group, Ahmed Attout, said the agreement would transfer Africa economically.

“In a context marked by global economic uncertainty and the need to mobilise more resources for development, no institution can act alone.

“By strengthening our cooperation with the African members of the African Forum of Deposit Funds, we are creating the conditions for more effective mobilisation of long-term financing to support Africa’s economic transformation, job creation and the resilience of our economies,” Mr Attout stated.