AFRICAN Development Bank President (AfDB) Akinwunmi Adesina and the Director General of the Abu Dhabi Fund for Development, Mohammed Saif Al Suwaidi, have signed a memorandum of understanding (MoU) for closer collaboration in promoting investment synergies.
The AfDB said in a statement that the MoU was signed during Adesina’s three-day official visit to Dubai and Abu Dhabi.
Speaking on the MoU, Suwaidi said: “We consider the African Development Bank to be the continent’s Think Tank. We believe that Africa is the world’s next growth frontier and we don’t want to miss that.”
Adesina in his remarks expressed optimism on the prospects of the partnership and its potential impact on various developmental projects in the continent.
Meanwhile as part of the visit, Adesina also explored potential partnerships for strategic investment in Africa between the African Development Bank Group and the UAE in renewable energy, agriculture and food production.
Adesina and Sheikh Maktoum Bin Mohammed Al Maktoum, Dubai’s Deputy Ruler, Deputy Prime Minister and Minister of Finance of the United Arab Emirates discussed strategic opportunities that would strengthen economic ties between the UAE, the Bank and Africa.
Lauding the UAE’s exceptionally visionary leadership, Adesina said: “There is a lot that Africa can draw from the UAE’s remarkable success.
“What the UAE has done, using its resources, its drive and determination to develop the country into what it is today is highly impressive.
“We are keen to see the UAE become an even more valued and significant investment partner in Africa.”
He stated that the UAE has been a highly valued participant in the African Development Fund, AfDB’s concessionary lending arm which has been supporting low-income countries since 1978.
“Hopefully, we may at some point be able to welcome the UAE as a member of the African Development Bank,” Adesina noted.
Adesina also held bilateral meetings with other senior members of government and heads of UAE companies.
Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.