MCC, AfDB partner on growth

BUSINESS

|
Image: By World Bank
MCC, AfDB partner on growth

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.



Share the News

Get Daily Newsletter

Search News

comments powered by Disqus

MORE BUSINESS NEWS

MTN Nigeria gets indigenous Chief Financial Officer

MTN Nigeria has announced the appointment of Adekunle Awobodu as its new Chief Financial Officer (CFO).  Read More

Networks Unlimited partners with Rubrik

Anton Jacobsz, MD at Networks Unlimited Networks Unlimited has been named as sole distributor of Rubrik converged data management solutions in Africa.  Read More

Payroll fraud: a serious threat to your business’s sustainability

Payroll is one of the largest expenses for Small & Medium Businesses and larger enterprises in West Africa, yet many organisations are neglecting the importance of managing the risk of fraud in this area of the business. Read More

Nigeria goes live with Bsystems Collateral Registry System

Nigeria has become the fourth country to roll onto the Collateral Registry System developed by Ghanaian technology solution firm Bsystems. Read More

Arbitration to support justice, says Globacom

Globacom Nigeria says its support of the International Chamber of Commerce, (ICC) Africa Regional Arbitration Conference in Lagos is a demonstration of its belief that arbitration would further enhance the cause of justice in the country. Read More

Dimension Data names new group CEO

Dimension Data has announced the appointment of Jason Goodall as Group Chief Executive Officer, as Brett Dawson, current CEO, steps down after 12 years. Read More

Solar developer Phanes Group opens African head office in SA

International solar energy developer, investment manager and asset manager Phanes Group has launched an office in Johannesburg, South Africa – its first African office.  Read More

We’re insulated from Nigeria’s forex problem, says IHS

IHS Towers says it has not been hard hit by ongoing foreign exchange (forex) squeeze in Nigeria because it is a foreign direct investment (FDI) vehicle into the country. Read More

8 Lessons for entrepreneurs who want to conquer the world

Sage Foundation Chairman Ivan Epstein outlines his top advice for entrepreneurs. Read More

TMT Finance Africa in Lagos 2016 to be launched in partnership with IHS Towers

TMT Finance and IHS Towers have announced the launch of the inaugural TMT Finance Africa in Lagos, Nigeria conference on September 20, 2016.  Read More

PRESS OFFICES

Sage EnterpriseSAP AfricaTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionMTN BusinessSchneider ElectricMultichoiceMicrosoft 4AfrikaNetworks UnlimitedArbor NetworksEricssonTigo Ghana

FEATURED STORY

Government should encourage youths in ICT earlyGovernment should encourage youths in ICT early

Youths should be given more encouragement to develop their ICT skills, an 11-year-old app developer told Kokumo Goodie.

Advertisement

IN DEPTH

IBM Opens First Cloud Data Centre in South AfricaIBM Opens First Cloud Data Centre in South Africa

IBM is opening a new IBM Cloud Data Centre in Johannesburg, South Africa. The new cloud center is the result of a close collaboration with Gijima and Vodacom and is designed to support cloud adoption and customer demand across the continent.