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Maputo, Mozambique, 15 May 2008 – The African Development Bank (AfDB) Group and the Export-Import Bank of China (CEXIM) have signed a Memorandum of Understanding (MOU) to facilitate cooperation between the two parties in matters of common interest and to establish working arrangements necessary for the implementation of the MOU.
The agreement was signed by the AfDB Vice President for Operations (Regional and Country Programmes), Joseph Eichenberger, and the CEXIM Vice President, Li Jun, on the sidelines of the Bank Group’s 2008 Annual Meetings on Wednesday, 15 May 2008, in Maputo, Mozambique.
The areas of cooperation set out in the MOU include the exchange of information on activities by both sides in Africa, the sharing of development knowledge and experience as well as the provision of co-financing or guarantee for public and possible private sector investment projects.
Others areas of cooperation include the exchange of professional staff, joint regional, country, economic and sector studies, aid harmonization, development policy and strategy coordination as well as other areas as may be agreed upon between both parties.
Commenting on the MOU, Mr. Eichenberger said that relations between the two banks were coming on strong within a short period, adding that the MOU represented the first step in the consolidation of the partnership.
Mr. Lu, for his part, noted that "since China is the largest developing country, it was absolutely normal for her to work in partnership with the biggest pan-African development finance institution," adding that "time had come to translate words into action."
Earlier, the Chinese delegation, led by Mr. Jun, met with Bank Group President, Donald Kaberuka, and discussed bilateral cooperation. Mr. Kaberuka reiterated the importance of the partnership between the AfDB and CEXIM. He urged Chinese authorities to endeavour to participate in the conference on Aid Effectiveness scheduled to take place in Accra, Ghana, later this year.
The AfDB Executive Director for China, Bruce Montador, and the Bank Group’s cooperation department director, Kazumi Larhed, were present at the signing ceremony.
Last year, China hosted highly successful Annual Meetings of the Bank Group in Shanghai in May 2007.
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