World Economic Forum Annual Meeting 2012-AfDB and BNDES chief executives meet in Davos

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Presidents Kaberuka and Coutinho discuss long-term cooperation

African Development Bank (AfDB) President Donald Kaberuka met today with Luciano Coutinho, President of the Brazilian Development Bank (BNDES). The meeting took place in Davos, Switzerland during the ongoing World Economic Forum.

The Brazilian Development Bank closed the year 2011 with disbursements totalling roughly USD 80 billion.

This meeting was a follow-up to an earlier meeting Mr Kaberuka had with former President Lula of Brazil, and visits by AfDB staff to the Brazilian Development Bank.

The two development bank chief executives discussed long-term cooperation between their institutions, agreeing to work together in the areas of knowledge, agriculture and agribusiness, energy, and hydro energy in particular, and logistics.

They discussed particular cooperation on a proposal for a project preparation facility in the form of a revolving fund to be financed by the two institutions. Mr Kaberuka expressed interest in this proposal. Such a facility already exists between BNDES and the Inter-American Development Bank.

Messrs Kaberuka and Coutinho also agreed to encourage Brazilian foreign direct investment in Africa.

Mr Coutinho will visit the African Development Bank in Tunis at a date to be agreed on. Mr Kaberuka will reciprocate with a visit to the Brazilian Development Bank during his visit to Brazil for the Rio Earth Summit later this year. At that time, he will meet Brazilian firms active in Africa, and participate in the 60th anniversary of the Brazilian Development Bank.