Abu Dhabi Fund for Development (ADFD) has signed a Memorandum of Understanding (MoU) with the African Development Bank (AfDB), aimed at strengthening cooperation over investment in strategic sectors in Africa that would sustainably drive socioeconomic development in the continent, while also achieving the UAE’s development- financing goals for developing countries.
The MoU was signed by Mohamed Saif Al Suwaidi, Director General of Abu Dhabi Fund; and Dr. Akinwumi Adesina, the President of African Development Bank; in the presence of other officials from both sides.
On this occasion, Al Suwaidi said, “We are delighted to enter into an agreement with African Development Bank, which shares our values and objectives. The MoU represents ADFD’s keenness to drive development in Africa.
The strengthening of our collaboration with AfDB will help us accelerate the development process and mobilise funds across the continent. It also enables us to coinvest in strategic projects, exchange information and knowledge, and ultimately, achieve the development goals set by both sides.’
The agreement constitutes an ideal partnership that is mutually beneficial.”
He added that the MoU fulfils ADFD’s interest to leverage strategic partnerships to turn into reality its vision to drive sustainable economic growth at home and abroad through more impactful and affective development assistance, especially to low and lower-middle income countries, improved and more equitable trade, as well as coordinated investment initiatives, in line with SDG 17.
For his side, Dr. Adesina hailed the signing of the memorandum of understanding as a major step forward in the pursuit of the bank group’s “High-5” strategic priorities, which are to light up and power Africa, feed Africa, industrialise Africa, integrate Africa, and improve the quality life for the people of Africa.
“Our partnership with the Abu Dhabi Fund for Development will further help accelerate transformative investments in Africa and unlock our continent’s unlimited economic and developmental potential,” he said.
Vital to the successful implementation of the African Union’s Agenda 2063, the “High-5s” seek to spur economic development and social progress across the continent.
“Over the past six years alone, more than 335 million people have benefitted from our projects,” Dr. Adesina added.
The MoU initially covers a period of five years from the time of its commencement, with a provision for further extension.
It is in line with the UAE government’s policy to support and promote relationships that equally benefit partner organisations and nations, and Emirati companies to expand their businesses, as well as their contribution to economic diversification and sustainable development in the UAE and abroad.