According to UNECA, On Sunday 3rd of April in Addis Ababa (Ethiopia), on the margins of the Africa Development Week 2016, the Economic Commission for Africa (ECA) and the Arab Bank for Economic Development in Africa (BADEA) will sign a Memorandum of Understanding to better develop the African continent.
This agreement aims to establish a framework for ECA-BADEA collaboration to promote economic cooperation between Africa and Arab countries, in areas such as investment, trade, gender, harnessing new technologies and innovations for sustainable development and reform of the higher education sector for Africa’s industrialization.
The partnership will also include targeted capacity development services and technical assistance to African countries. Both structures will also work to encourage African and Arab private sector actors can help enhance trade and investment relations between both sides.
BADEA is an independent financial institution of the League of Arab States, which aims to increase technical, financial and economic cooperation as well as trade between the Arab and African regions. BADEA’s areas of intervention include technical assistance and the financing of development in Africa; it also seeks to encourage Arab fund participation in Africa’s development.