African Development Bank Group President Dr Akinwumi Adesina and EC President Ursula von der Leyen sign the agreement (Image: African Development Bank)
The European Commission and the African Development Bank have formalized a new agreement to boost investment in infrastructure projects in Africa.
The European Union has increased its co-financing of operations with the African Development Bank to €972 million (US$1.1bn).
The two parties said that figure would increase further following the signing of a new Financial Framework Partnership Agreement by European Commission President Ursula von der Leyen and African Development Bank Group President Dr Akinwumi Adesina.
The Bank said the partnership would open opportunities for both organisations to deliver new joint financing for infrastructure projects.
Planned investments include more funding for strategic transport corridors in Sub-Saharan Africa, as well as in energy and digital connectivity.
One of the main joint projects is the development of the “Lobito Corridor” to enhance export possibilities for Zambia, Angola, and the Democratic Republic of Congo.
For the European Union, the partnership would be in keeping with the priorities of its Global Gateway initiative. Between 2021 and 2027, through the Africa-EU Global Gateway Investment Package, the EU is expected to support the African continent with €150 billion of investment (US$162.4 billion).