Wednesday 13th November, 2019
Johannesburg, Nov.
13, GNA – African Development Bank and the International Development Finance
Corporation have signed a Memorandum of Understanding to leverage each other’s
strength to support growth in Africa.
Together the two
institutions would use their collective commitments to fund projects in various
areas, including health, housing and infrastructure, to the tune of five
billion dollars over the next five years.
Dr Akinwumi Adesina,
President African Development Bank and Mr Adam Boehler, Chief Executive Officer
of the US International Development Finance Corporation (DFC) signed the deal
on behalf of their organisations.
Commenting on the
signing, Dr Adesina said the move provided a huge opportunity for both parties
to deploy various financing instruments be it equity funding, bonds or
guarantees to spur development in countries on the continent.
“It is a great day
for Africa-United States relations,” he said, adding that the MoU will also
provide the opportunity to support young people to live their dreams of
contributing to the continent’s economic development.
On his part, Mr
Boehler said he was not only excited about signing but catalyzing the deal to
ensure that it leverages the opportunities and offered hope through support and
technical assistance to the youth on the continent.
GNA
