Accra, 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.
