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AfDB, European Commission partner to boost Africa’s devt

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AfDB, European Commission partner to boost Africa’s devt

The Board of Directors of the African Development Bank (AfDB) Group has approved a historic framework agreement known as the Pillar Assessed Grant or Delegation Agreement (PAGODA) between them and the European Commission (EC), aimed at
leveraging and catalyzing grants for the Bank’s Regional Member Countries (RMCs) via EC blending instruments.

According to a statement by the AfDB, the partnership will enable it to focus on the High-5 priority areas from its 10-Year Strategy by supporting both sovereign and non-sovereign operations.

The Bank’s High 5 entails, Lighting up and power Africa, Feed Africa, Industrialise Africa, Integrate Africa and Improve the quality of life for the people of Africa.

While highlighting the relevance of the agreement, Group President, AfDB, Mr Akinwumi Adesina, said: “ The EU policy priorities are in line with the Bank’s Ten Year Strategy and High 5 priorities, including the golden threads related to gender, climate resilience and fragility. What is particularly important is it to allow us to push on High 5s in the areas of transport and energy.”

He also stated that following consultations with various RMC governments, regional economic communities and civil society, the EC has already approved grants amounting to 434 million to support 15 large-scale infrastructure projects in West and Central Africa.

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