MCC, AfDB partner on growth
BUSINESS| Oct. 12, 2010, 8:19 p.m.
The US Government’ s Millennium Challenge Corporation (MCC) Chief Executive Officer Daniel W. Yohannes and African Development Bank (AfDB) Group President Donald Kaberuka have signed a memorandum of understanding to work together in promoting sustainable economic growth as the catalyst for poverty reduction.
MCC has approved over USD7.4 billion in compact and threshold programs worldwide that support country-determined projects sectors including modernising infrastructure, improving agriculture and irrigation, transportation, water supply and sanitation and finance and enterprise development. Over 70% of this funding has gone to Africa.
“ MCC is committed to facilitating partnerships that maximize our impact in the fight against global poverty. This partnership between MCC and the African Development Bank bolsters our efforts to reduce poverty, increases collaboration, and allows us to pursue more innovative solutions,” said Yohannes.
MCC and AfDB, including its partner entity the African Development Fund, will collaborate on complementary program areas, including by strategically using AfDB grants in recipient countries in parallel with existing MCC investments, and by cooperating on future MCC compact development work in order to build on AfDB’ s regional experience, technical expertise, and lessons learned in sectors of common interest.
“ We have agreed to collaborate through technical cooperation and parallel financing in key areas. As many of our client countries are recovering from the recent crises, we are urged to work closely together and leverage our comparative advantages,” said AfDB President, Dr. Kaberuka.
MCC and AfDB will work together in developing and implementing programs and projects in African countries in a number of sectors, with an expected concentration on infrastructure. These collaborative efforts will likely be piloted initially in Mozambique, where AfDB will work with Millennium Challenge Account-Mozambique and the Government of Mozambique to identify investments compliementary to the MCC-funded program that would benefit from AfDB grants.
The MOU between MCC and AfDB reinforces ongoing cooperation and opens avenues for increasing the effectiveness of foreign assistance through formal partnership. MCC and AfDB will share their respective strengths, knowledge, and resources to support host-country development initiatives that advance their common goal to promote economic development in Africa.
MORE BUSINESS NEWS
Wananchi Telecom prepares for rapid growth across Africa with global network services from EpsilonLeading East African carrier Wananchi Telecom has partnered with Epsilon to connect African customers to more than 170 countries around the world. Read More
Setback for BTCL IPO as workers cry brokeWith the Privatisation of Botswana Telecommunications Corporation Limited privatisation nearing completion, employees claim they do not have the funds to buy the five percent of shares allocated to them. Read More
Nomanini takes Africa by storm using Google Cloud PlatformNomanini, a Cape Town-based mobile point of sale service that specialises in facilitating cash payments in emerging markets, has successfully scaled into six countries across Africa in just four years, using Google’s Cloud Platform. Read More
Airtel Kenya announces senior management appointmentsAirtel Kenya has appointed Josee Cremieux and Dick Omondi as the new customer service director and corporate affairs director respectively. Read More
Westcon Africa team expandsWestcon Southern Africa has appointed Brendan Mac Carron in the capacity of Communications and Security Account Manager for the Rest of Africa. Read More
Schneider Electric named Africa Best Employer Brand 2014Schneider Electric Africa has been awarded the Africa Best Employer Brand Award for 2014/2015 at the annual “Employer Branding Awards (EBA). Read More
Challenges facing today’s CFO’s in driving profit across the African bordersThe mode of doing business in Africa has changed and so has the role of the CFO, says SAP Africa. Read More
Cdiscount open for business in CameroonCdiscount, a French e-commerce leader, has officially launched its subsidiary in Cameroon, hoping to change the face of e-commerce in this Central African nation. Read More
Applications open for Tony Elumelu Entrepreneurship ProgrammeApplications are invited for the Tony Elumelu Foundation Entrepreneurship Programme, a $100 million programme set to fast track African start-ups. Read More
FEATURED STORYUCC launches 2015 ACIA awards
Uganda has launched the fifth Annual Communications and Innovation Awards, which celebrate and foster ICT innovation and achievement.
BEST READ NEWS
IN DEPTHKenya’s digital TV battle hots up
Kenya’s journey to Digital TV broadcasting took a new turn this week, when the Communication Authority of Kenya (CAK) accused three local media firms of intent to disrupt the process.
COMPANY NEWSSpectra Wireless, Microsoft 4Afrika launch first commercial TV white spaces services in Africa
University students will now get fast, affordable Internet bundles and receive zero-interest financing when purchasing a new device.