AfDB, Euro-Bank to bridge Africa’s $2.5 trillion financing gap

The African Development Bank and the European Bank for Reconstruction and Development have signed a Memorandum of Understanding to promote sustainable private sector development in Africa.
On Monday, a statement from the AfDB said the MoU would catalyse new sources of financing to help bridge the $2.5 trillion annual financing gap for development in Africa.
It added that to bridge the gap, development finance institutions needed to work in partnership.
The bank noted that both institutions would capitalise on their expertise and experiences, focusing on climate change, green and resilient infrastructure, and capital market development.
It also noted that both institutions would improve business environments, bolstering the real economy and mobilising private sector investment.
The statement disclosed that Akinwumi Adesina, President of the AfDB, said the new partnership would pave the way for both institutions to do more.
“The impact of COVID-19 on government resources is huge, and we need to mobilise more private resources to help African countries build back stronger,” said the statement.
Also, the President of the EBRD, Odile Renaud-Basso, said the pandemic had made more urgent the need for better and closer collective action.
“Collaboration between the EBRD and the African Development Bank has grown from strength to strength over the years in the region.
“This partnership will allow our institutions to do even more to promote sustainable private sector development in North Africa,” it noted.
The new partnership will enable the two institutions to strengthen the potential for joint projects and unlocking investment opportunities in their countries of operations.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette

Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices

Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”

Africa
Air Peace ends of Nigerians fleeing South Africans’ xenophobic attacks
Air Peace has concluded the federal government’s humanitarian evacuation from South Africa, returning the final batch of 308 Nigerians aboard its Boeing 777-200 aircraft.

NationWide
NBC scraps annual digital TV access fee
The National Broadcasting Commission says Nigerians will no longer pay annual Digital Access Fees under the renewed Digital Switch Over project.

Economy
TransDigm abandons acquisition of Stellant Systems after DOJ’s decision to block transaction
TransDigm Group has abandoned its attempt to acquire rival defence and industrial component manufacturer Stellant Systems.

Abuja
Trump pressures Tinubu on terror prosecutions, protection for Christians
The U.S. pressed the Nigerian government to do more to protect Christians from attacks, and that greater efforts and resources must be allocated to the safe return of IDPs.

Abuja
COREN Assembly: Tinubu seeks strong regulation, sanctions
Mr Tinubu said this at the opening of the 34th Engineering Assembly of the Council for the Regulation of Engineering in Nigeria in Abuja.

Heading 1
U.S. indicts bulletproof hosting firms Medialand, ML.Cloud, three Russians for cybercrime, wire fraud, money laundering
According to the indictment, 42 victims in 21 states were targeted by criminal groups who used Medialand’s and ML.Cloud’s services.





