African Development Bank signs deal with China and Brazil

The African Development Bank (AfDB) Group has signed two major cooperation agreements with China and Brazil for the funding of projects and programs in its regional member countries (RMCs), according to a statement from the Bank.

The signing took place in Lisbon, Portugal on June 8, 2011 during AfDB’s 2011 Annual Meetings.

The statement said AfDB policy and operations Vice President, Aloysius Uche Ordu, and the Executive Vice President, Agricultural Bank of China, Zhu Hongbo, signed a memorandum of understanding on collaborative ventures in co-financing, technical cooperation for capacity building and knowledge partnership.

The deal will focus on trade finance, infrastructure, agriculture, energy, non-traditional lending business and knowledge sharing and technical assistance, said the statement.

Mr. Ordu also signed another agreement with Brazil´s Secretary of International Affairs in the ministry of planning, budget and management, Carlos Augusto Vidotto, Brazil.

The agreement, according to AfDB “will, through Brazil’s South-South Cooperation Trust Fund, provide $6 million to the AfDB for the promotion of cooperation between the RMCs.”

The AfDB says the fund is designed to facilitate the sharing of development knowledge, expertise and appropriate technologies between the Regional Member Countries and other developing regions outside Africa.

Focused areas of the agreement include agriculture and agri-business, private sector development, energy/environment, governance, health and social development.

The Fund will become a multi-donor trust when agreement is reached with other contributing partners, the Bank indicated.

By Ekow Quandzie