Business
EBRD, AfDB Explore Africa’s Investment Windows
The European Bank for Reconstruction and Development (EBRD) and African Development Bank (AfDB) have initiated moves to discover untapped investment and development opportunities in the continent.
Already, EBRD has started operations in three North African countries – Tunisia, Morocco and Egypt, in an attempt to annex the business climates on the continent and tap from the investment and development needs that arose from the Arab Spring.
The Secretary-General of EBRD, Enzo Quattrociocche, disclosed this during a meeting between the two multilateral development banks recently, in Tunis, which involved the board of directors of both institutions.
The meeting, which centred on the potential investment and development collaborations in the continent, between EBRD and AfDB, was opened by AfDB President, Donald Kaberuka, while the full-day session was chaired by the Dean of the bank’s Board of Directors, Mohamed Mahroug.
Speaking on the sidelines of the meetings, Quattrociocche said, “what is emerging from this meeting is that there is large room for complementary efforts for the two institutions. Though EBRD business model is more focused on the development of the private sector, while AfDB does something a bit different, there are complementarities in the way we work, and we are exploring these possibilities.
“We have already a track record of co-operation with AfDB in terms of the exchange of information and know-how. Certainly now it’s the first time we can work together. We have a Memorandum of Understanding with the bank and we are planning to do projects together. We have invested together with TunInvest, which is a private equity investment fund, and there are more opportunities going forward.”
He noted that the choice of initial operations from the Northern part of the continent was as a result of the challenges, needs and opportunities, which rose from the Arab Spring, coupled with shareholders and the international community’s demand.
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