The African Development Bank Group (AfDB) and the European Bank for Reconstruction and Development (EBRD) signed a memorandum of understanding (MoU) on 17 May to promote sustainable private-sector development in Africa.
Under this partnership, the AfDB and the EBRD will capitalise on their respective expertise and experience, with a particular focus on climate change, green and resilient infrastructure and the development of capital markets. They will also work to improve business environments, bolster the real economy and mobilise private-sector investment.
The AfDB and EBRD have a long history of cooperation. Last month, the two institutions signed a US$ 114 million financing package for the construction of the largest private solar plant in Egypt.