African Development Bank (AfDB) President Akinwumi Adesina and the CEO of the French Development Agency (AFD) Anne Paugam signed a framework agreement at the AFD headquarters in Paris to increase the joint financing of projects in Sub-Saharan and North Africa.
Paugam said, “This agreement, the first of its kind, is fully in line with the Paris Declaration. It promotes better coordination between AfDB and AFD; it simplifies procedures and thus contributes to facilitating implementation of projects by beneficiary countries,”.
Adesina in turn welcomed having an instrument that would develop collaboration between AFD and the AfDB, emphasising that the work was only beginning. “My ambition is to help build a new Africa characterised by sustainable, shared growth that is united, working in peace and security, regionally integrated and competitive worldwide. In total alignment with the Sustainable Development Goals (SDGs), this agreement will enable AfDB to implement five major priorities: lighting Africa and supplying it with energy, feeding Africa, integrating Africa, industrialising Africa and improving the quality of life of the people of Africa, in order to strengthen development and the fight against climate change over the continent.”
Paugam recalled that the agreement represented, “opportunities for activities, and also challenges and a common responsibility for achieving results on the ground and for embodying a new generation of donor partners.”
Both the AfDB and AFD have engaged in development financing for several decades, and have undergone major transformations that have resulted in the convergence of their visions and strategies. Both institutions have committed to reconciling development and climate, particularly through the financing of renewable energy.
The two leaders concurred that the collaboration between the African Development Bank and AFD demonstrates that a lasting, trusting relationship has grown up between the two parties – one that extends beyond projects. Adesina and Paugam signed the agreement in the presence of representatives of operational teams and partners of the AfDB and AFD, who will be involved in putting the agreement into action.