The Organisation of Petroleum Exporting Countries (OPEC) Fund for international development and the African Development Bank have signed a memorandum of understanding to promote the continent’s development.
The signing took place at the UN Climate Conference COP27 in Sharm El-Sheikh, Egypt on Tuesday.
The MoU aims to establish the scope for further strategic and operational cooperation through co-financing of public and private sector projects, joint diagnostic and analytical work and sharing of knowledge and best practices.
The OPEC Fund and the African Development Bank Group 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 Dr 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.”
African Development Bank Group President Dr 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.”
