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AfDB, AFD sign €2bn co-financing pact for Africa

The African Development Bank Group (AfDB) and the Agence Française de Développement (AFD), on Wednesday, signed a co-financing and partnership agreement to strengthen their relationship and leverage additional resources for impactful projects in Africa. AfDB President, Dr Akinwumi Adesina and Agence Française de Développement CEO, Rémy Rioux, signed the agreement in Paris on behalf of their two institutions. The agreement, which runs for five years (2021 to 2026), targets an indicative amount (€2 billion) in co-financing over its first three years.

It will complement the current partnership between both institutions through mutual understanding, by facilitating staff exchanges, sharing knowledge, and jointly organising events. The existing partnership already covers such key sectors as infrastructure, water and sanitation, agriculture, and the private sector. The new agreement supersedes an earlier framework agreement signed in November 2015. Aligning with the agenda of Finance in Common, a forum convened by public development banks, the African Development Bank and Agence Française de Développement will capitalise on their respective expertise and experience.

 

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