Banks allocate $2bn for Africa
14 July, 2017
The African Development Bank (AfDB) and the Islamic Development Bank (IsDB) signed last week a landmark agreement to jointly pull together the sum of $2bn over the next three years to finance projects in Africa in agriculture and food security, renewable energy, small and medium enterprises, health and education. Two lenders agreed to each contribute $1bn for joint activities focusing on these priority areas. “We are going to work on a pipeline of projects in Africa stretching from agriculture to SMEs, energy and human development. We need to create jobs for our women and youth,” President of AfDB Akinwumi Adesina (R ) said, speaking at the signing ceremony at the bank`s headquarters in Abidjan.
“We look forward to working with the AfDB in moving SMEs towards industrialisation, renewable energy and agriculture and food security. SMEs can transform African economies from primary to industrial hubs,” President of IsDB Bandar Hajjar added.
The two lenders have co-financed projects valued at over $ 2.5bn for the period 2002—2016. The AfDB has a country presence in 21 out of the 27 common member countries with IsDB.