The African Development Bank (www.AfDB.org) and the Asian Infrastructure Investment Bank (AIIB) have recently signed a new agreement to strengthen their collaboration on sustainable economic development in Africa. This partnership aims to boost infrastructure development and create economic opportunities across the continent.
The Memorandum of Understanding was signed by African Development Bank president, Dr. Akinwumi Adesina, and AIIB President and Chair of the Board of Directors Jin Liqun on June 28. The signing took place during a meeting of Heads of Multilateral Development Banks in Paris, France.
The agreement focuses on six priority areas, in line with the Bank Group’s Ten-Year Strategy 2024–2033 and AIIB’s Corporate Strategy. These areas include green infrastructure, industrialization, private capital mobilization, cross-border connectivity, digitalization, and policy-based financing.
One key aspect of the collaboration is co-financing and joint participation in financial assistance for development projects, particularly in sustainable infrastructure. The African Development Bank and AIIB have previously worked together to provide guarantees for Egypt’s first Sustainable Panda Bond in 2023, valued at RMB 3.5 billion. This bond, backed by guarantees from both banks, was the first African sovereign bond issued in the Chinese interbank bond market.
Dr. Adesina highlighted the importance of this partnership in advancing economic development, especially in infrastructure. He mentioned the Mission 300 initiative, which aims to connect 300 million people to electricity by 2030.
Mr. Jin Liqun emphasized AIIB’s commitment to supporting sustainable development beyond Asia through this collaboration. He believes that leveraging their expertise will lead to transformative projects that benefit millions in Africa and promote prosperity through quality infrastructure investment.
The renewal of this partnership signifies a continued effort to drive economic growth and improve livelihoods in Africa. By working together, the African Development Bank and the Asian Infrastructure Investment Bank are paving the way for sustainable development and long-term prosperity on the continent.
