The African Development Bank (AfDB) and the Asian Infrastructure Investment Bank (AIIB) have renewed their partnership to boost infrastructure and sustainable economic development across Africa.
The renewed Memorandum of Understanding (MoU), signed by AfDB President Dr. Akinwumi Adesina and AIIB President Jin Liqun, builds on their 2018 agreement and aims to strengthen joint efforts in key development areas. The signing took place during a multilateral development banks meeting in Paris, France.
Under the renewed MoU, both institutions will collaborate on six priority areas: green infrastructure, industrialisation, digitalisation, cross-border connectivity, private capital mobilisation, and policy-based financing. The goal is to unlock funding for development projects, particularly in sustainable infrastructure.
Read also
- Nigeria needs $1bn low-interest investment to cut fish imports by 50% — TADAN
- British investment firm injects £1.09b into African businesses to create jobs
- APPLY NOW: Dental Nurse
- Lagos to launch leather hub in Mushin to empower SMEs
- APPLY NOW: Front Desk Officer
The partnership also supports co-financing and co-guaranteeing of projects. One notable example is the 2023 issuance of Egypt’s first Sustainable Panda Bond—valued at RMB 3.5 billion—which was backed by guarantees from both AfDB and AIIB. This move marked the first African sovereign bond issued in China’s interbank bond market.
Dr. Adesina described the renewed agreement as a critical step toward achieving energy access for 300 million people in Africa by 2030 under AfDB’s “Mission 300” initiative. He emphasized the importance of partnerships in delivering real impact across the continent.
AIIB President Jin Liqun said the partnership reflects AIIB’s growing commitment to supporting sustainable development beyond Asia. He noted that combining the two banks’ expertise would accelerate delivery of high-quality, transformative projects that improve lives.
The renewed collaboration aims to further open up economic opportunities across Africa, enhance investor confidence, and attract private sector participation in long-term infrastructure and development efforts.
Discover more from SMALL BUSINESS INSIGHTS
Subscribe to get the latest posts to your email.
