AfDB and the People’s Bank of China commit to expand relations

05/02/2014
Share |

Dingxin Gao, the Chief Representative of the People’s Bank of China (PBC) in Tunisia, held talks with African Development Bank Group President Donald Kaberuka on Wednesday, February 5 in Tunis and revealed that the two institutions have agreed to expand cooperation. “Our two institutions have established ambitious, but achievable goals to galvanize efforts to promote shared prosperity, a sustainable increase in the well-being of the poorer segments of African society,” said Gao.

In April 2013, President Kaberuka and the Governor of the People’s Bank of China (PBC), Zhou Xiaochuan, agreed to expand cooperation between the two institutions.

President Kaberuka then informed Governor Zhou that senior AfDB staff, led by Finance Vice-President, Charles Boamah, and the General Counsel, Kalidou Gadio, would be holding meetings with their PBC counterparts in Beijing to finalize the agreement. Gao said all substantial terms of the proposals have since been agreed and the parties are finalizing key legal documentation to facilitate formal approvals by both institutions’ governing bodies.

China joined the African Development Bank in 1982 and subsequently the African Development Fund in 1985. The AfDB has signed various memorandums of understanding with a number of Chinese institutions namely the Export-Import Bank of China, China Development Bank and the Agricultural Bank of China, which all work on optimizing each other’s comparative advantages and financial instruments to foster Africa’s development, particularly in the areas of infrastructure and the private sector.