AfDB and EBRD partner to unlock sustainable investment opportunities in Africa
The African Development Bank Group and the European Bank for Reconstruction and Development have signed a memorandum of understanding to promote sustainable private-sector development in Africa.
The MoU will catalyse new sources of financing to help bridge the $2.5 trillion annual financing gap for development in Africa. The AfDB and the EBRD will focus on climate change, green and resilient infrastructure and the development of capital markets. They will also work to improve business environments, bolster the real economy and mobilise private-sector investment.
The EBRD says Covid-19 is threatening progress made towards the UN Sustainable Development Goals and exacerbating the debt vulnerability of many African countries. Sustainable private-sector development will be key to recovery and prosperity across the continent.
