AfDB and Libyan Investment Agency Sign MOU on Joint Financing

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Tunis, 6 June 2008 – The African Development Bank (AfDB) Group and the Libya Africa Investment Portfolio (LAIP) have signed a Memorandum of Understanding (MOU) that would enable both parties enter into partnership in co-financing and information sharing.

The LAIP is a US$ 50 billion state-owned investment fund created in 2006 to foster investments in African countries.

The MOU was signed on Friday in Tunis by the AfDB Group President, Donald Kaberuka and the LAIP Managing Director, Abdulfatah Sharif, in the presence of the AfDB Executive Director for Libya, Ahmed Tahar Tabib, as well as top management of the Bank.

Speaking at the ceremony, Mr. Sharif said "We wish and will work closely with the AfDB for the benefit of our two institutions and our continent."

For his part, President Kaberuka noted that "The signing of this MOU will enable us to establish the legal framework for a solid strategic partnership between our two institutions in co-financing and information sharing," emphasizing that "the collaboration between the two institutions will certainly generate mutual and synergistic benefits."

Libya is a founding member and major shareholder of the AfDB.

Mr. Kaberuka visited Libya last year and held discussions with several top government officials. The Bank also approved a US$ 50 million loan to a regional telecommunication project sponsored by the Regional African Satellite Communications Organization (RASCOM) whose primary objective of providing the continent with reliable satellite communication is being implemented by RascomStar-QAF, a private company registered in Mauritius.

Mr. Kaberuka said the MOU constituted a milestone in the Bank’s relationship with Libya, a country which is recording exponential growth and expansion in several sectors.

The Bank is looking forward to more cooperation with Libya, especially in the development of the continent’s private sector, regional cooperation and technical assistance.

The MOU is in line with the ADB’s constant efforts in deploying new financial instruments, advisory services and programs that improve the business climate and reduce risks, he said.

These aim at "building strategic partnerships with other financial entities" to channel much-needed resources and investment into public and private development projects that are crucial in fostering growth on the continent," the AfDB President said.

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