MCC, AfDB partner on growth
BUSINESSBy BiztechAfrica - 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
High hopes for US missionEgypt has high hopes for closer business ties with the US, following an ICT Ministry delegation visit to the US. Read More
Most powerful and compact Samsung A3 colour and mono copiers announcedSamsung Electronics South Africa has launched its groundbreaking CLX-9201, 9251, and 9301 A3 colour and SCX-8123, CX-8128 A3 mono copiers. Read More
Orascom Board advises against Baskindale offerThe Board of Directors of Egypt’s Orascom Telecom Holding has recommended that the company’s shareholders do not accept the tender offer by Baskindale Limited to acquire up to 100% of the shares in the company. Read More
VMware SA appoints Axis Solutions Zimbabwe as Enterprise PartnerVirtualization and cloud solutions firm VMware has appointed Zimbabwe-based Axis Solutions as an Enterprise Partner. Read More
Synergistic partnerships key to successful growth and sustainabilitySamsung Electronics places emphasis not only on entertainment and connectivity for all, but similarly on bringing education to a wider market through the implementation of smart solutions. Read More
Safaricom profit soarsSafaricom’s profits have hit Ksh25.5billion, as MPESA rakes in billions. Read More
JMR Infotech opens office in KenyaCore banking solutions and services provider JMR Infotech has announced the opening of its new office in Kenya. Read More
BIH launches First Steps Venture CentreThe Botswana Innovation Hub has launched its First Steps Venture Centre (FSVC) to support entrepreneurship and innovation through technology transfer. Read More
Africa Social Entrepreneurs of the Year namedThe Schwab Foundation has announced the winners of the Africa Social Entrepreneur of the Year awards at the World Economic Forum on Africa in Cape Town, South Africa. Read More
FEATURED STORYICT opens doors for Kenyan slum dwellers
A Nairobi based group is equipping high school girls from Nairobi's slums with ICT skills to help them participate meaningfully in building the economy.
BEST READ NEWS
IN DEPTHBetting on the cloud
In Africa, an emerging ICT industry is betting its future on serving customers and businesses through cloud based applications, Riverbed Technology has told Biztechafrica.