A Memorandum of Understanding to enhance collaboration on sustainable economic development was signed on April 18 by the Asian Infrastructure Investment Bank and the African Development Bank and formalized during the World Bank-International Monetary Fund Spring Meetings 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 programs, co-financing, and other forms of financial assistance, knowledge and staff exchange.
Joachim von Amsberg, AIIB Vice-President for Policy and Strategy, remarked, “Today’s MoU with the African Development Bank reflects a strong partnership between two institutions with the same vision to promote sustainable economic development. It enables more effective cooperation between the two multilateral development banks and allows us to complement each other with our respective capabilities. In particular, it allows AIIB to benefit from AfDB’s rich experience in financing infrastructure projects in Africa.” Egypt, Ethiopia, Madagascar, South Africa and Sudan have all joined or been approved to join the AIIB as non-regional members.
African Development Bank Senior Vice-President Charles Boamah stressed, “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 is 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.
AIIB and AfDB will maintain a working relationship to achieve their common objectives of assisting developing countries in their development efforts.