A memorandum of agreement was signed by the African Development Bank (AfDB) Group and the Organisation of Petroleum Exporting Countries (OPEC) Fund for International Development to deepen their collaboration in support of Africa’s sustainable economic and social development.
On Tuesday, November 8, the agreement was signed during the ongoing 27th United Nations Climate Conference (COP27) in Sharm El-Sheikh, Egypt.
The deal sets the scope for further strategic and operational cooperation through the co-financing of public and private sector projects, joint diagnostic and analytical work, and sharing of knowledge and best practices.
The OPEC Fund and AfDB have been partners since 1976. They have so far co-financed nearly 90 projects in the energy, transport, and water sectors, with more than $1 billion of OPEC Fund contribution for over $15 billion of the total project value.
Signing the agreement, OPEC Fund Director-General, Mr Abdulhamid Alkhalifa, said, “Promoting sustainable development in Africa has been our focus, with more than half of our historic commitments dedicated to the continent.
“The MoU signals our ambition and preparedness to do more and support African economies in tackling the multiple development challenges they are facing.
“We share a common vision and values with African Development Bank and look forward to boosting our impact across Africa.”
On his part, AfDB President, Mr Akinwumi Adesina, said: “We are pleased to re-dynamize the partnership between the African Development Bank and the OPEC Fund for International Development.
“Our two institutions are focused on how to improve the lives of people, and there is a very strong alignment between our approaches. The signing of this memorandum of understanding today will strengthen and deepen our cooperation even further.”
