AfDB President renews partnership MOU with Arab Bank for Economic Development in Africa (BADEA)
As part of his three-day official visit to Sudan, the President of the African Development Bank, Akinwumi Adesina, met with the Director General of Arab Bank for Economic Development in Africa (BADEA), Sidi Ould Tah, to explore further cooperation and consolidate existing relations between the two institutions.
This cooperation is enhanced by the Memorandum of Understanding (MoU) signed by two institutions during the President’s visit, which replaces the existing one which expired in 2013. The MOU renews the partnership that has enabled them co-finance US $1.8 billion in development projects in Africa. This makes BADEA one of the Bank’s most important partners in terms of co-financing efforts to achieve their common development objectives in Africa.
During the occasion, the Director General thanked President Adesina for honouring his invitation despite his busy schedule. He traced the history of the Bank to 1964 in Sudan and its first President, the late Mamoun Beheiry, whose daughter, Hind Beheiry, graced the occasion with her presence. The Director General described President Adesina as a distinguished development expert whose contribution will remain indelible in the annals of the continent’s history.
Alluding to the AfDB’s High 5 development priorities, Sidi Ould Tah noted that they were consistent with and complementary to BADEA’s vision and will thus facilitate partnership between the two institutions. He assured President Adesina of his institution’s commitment to the partnership.
For his part, President Adesina expressed delight at visiting BADEA and underscored the Bank’s unwavering commitment to strengthening the partnership between the two institutions. He indicated that the increasing collaboration between the two institutions in project interventions in Africa underscores the fruitfulness of the partnership.
On investments, the President noted that BADEA is a strategic institution capable of attracting Arab investments to Africa. He intimated that the Africa Investment Forum that will be taking place towards the end of the year would seek to mobilize resources for investment in Africa. He added that its uniqueness lies in its transactional nature as opposed to the political dimension which will be relegated to the background to ensure success of the forum. He asserted that the two institutions will collaborate to achieve the High 5 development priorities.