AfDB ties up with NDB to improve lives of millions of Africans with new impact projects

The New Development Bank and The African Development Bank are giving their endeavors to promote new impact projects to improve lives of millions of Africans.

Both The African Development Bank and the New Development Bank have ventured into an agreement to accomplish the target of improving lives of millions of people living in Africa. Based on the deal, both the financial institutions will together identify, prepare and co-finance projects in countries of mutual interest.

The agreement (between the African Development Bank and the New Development Bank) was signed on October 18 on the sidelines of the World Bank annual meetings, formalizing the partnership and general cooperation between them.

“Through this cooperation, we will realize our shared objectives of promoting economic and social development, and deliver sustainable development and infrastructure projects at scale that change the lives of millions,” African Development Bank President Akinwumi Adesina said, following the signing.

Projects to be targeted cut across clean energy, transport infrastructure, irrigation, water resource management and sanitation, sustainable urban development, and economic cooperation and integration.

“This MoU creates a platform for sharing knowledge and deepening synergies between the African Development and NDB. The two banks will consider each other as ‘preferred’ partners and will harness their respective resource advantages and professional expertise, to build a long-term, stable and mutually beneficial relationship,” President of the New Development Bank (NDB), Kundapur Vaman Kamath, said.