A Memorandum of Understanding to enhance collaboration on sustainable economic development was signed on April 18 by the Asian Infrastructure Investment Bank and the African Development Bank and formalized during the World Bank-International Monetary Fund Spring Meetings in Washington, DC.

The mandates and comparative advantages of the two institutions converge around infrastructure development, particularly energy and power, transportation and communication. These key activity areas will provide a framework to foster collaboration in developing programs, co-financing, and other forms of financial assistance, knowledge and staff exchange.

Joachim von Amsberg, AIIB Vice-President for Policy and Strategy, remarked, “Today’s MoU with the African Development Bank reflects a strong partnership between two institutions with the same vision to promote sustainable economic development. It enables more effective cooperation between the two multilateral development banks and allows us to complement each other with our respective capabilities. In particular, it allows AIIB to benefit from AfDB’s rich experience in financing infrastructure projects in Africa.” Egypt, Ethiopia, Madagascar, South Africa and Sudan have all joined or been approved to join the AIIB as non-regional members.

African Development Bank Senior Vice-President Charles Boamah stressed, “This partnership will benefit the Bank by leveraging additional resources for the continent, which are critical to the achievement of its High 5 development priorities.” He said it is key for the Bank to cooperate with new development players like AIIB and to join forces in raising the voice of developing and emerging economies in the global policy landscape.

AIIB and AfDB will maintain a working relationship to achieve their common objectives of assisting developing countries in their development efforts.

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The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank with a mission to improve social and economic outcomes in Asia and beyond. Headquartered in Beijing, we commenced operations in January 2016 and have now grown to 84 approved members from around the world. By investing in sustainable infrastructure and other productive sectors today, we will better connect people, services and markets that over time will impact the lives of billions and build a better future.

The overarching objective of the African Development Bank Group is to spur sustainable economic development and social progress in its regional member countries, thus contributing to poverty reduction. To do so, the Bank mobilizes and allocates resources for investment in African countries and provides policy advice and technical assistance to support development efforts.

African Development Bank organizes Workshop on Strengthening Role of Parliament in Combating Illicit Financial Flows from Africa

The African Development Bank will hold a Workshop on Strengthening the Role of Parliament in Combating Illicit Financial Flows from Africa (IFFs) from 24 to 26 April 2018 in Abuja.

Since the approval of the Bank Group’s Policy on the Prevention of Illicit Financial Flows and its accompanying Strategic Framework and Action Plan in April 2017, the Bank has organized and/or participated in a number of Conferences and Workshops aimed at building the capacity of regional stakeholders to combat illicit financial flows.

The workshop will address the challenges and difficulties faced, and the good practices adopted, by experts and practitioners in African countries in their fight against illicit financial flows and in recovering the proceeds of crime from criminals, and the role that parliamentarians can play in facilitating the work of the practitioners.

Participants at the workshop will include Parliamentarians from the Bank’s regional member countries (RMCs), as well as national and international experts and practitioners in the field of taxation, financial crimes, and Financial Intelligence Units, among others, who are central to the Bank’s work on illicit financial flows.

The workshop’s expected outcomes include widespread awareness among parliamentarians on (i) their role in combating Illicit Financial Flows from Africa; (ii) the role which they can play in translating the key recommendations of the HLP Report on Illicit Financial Flows into laws that respond to specific needs of their countries; and (iii) generation of ideas on how to initiate and/or deepen cooperation and synergies among parliamentarians on IFFs in the Banks RMCs.

What:            Workshop on Strengthening Role of Parliament in Combating Illicit Financial Flows from Africa

When:           24-26 April, 2018, 09:00 to 17:00

Where:          Abuja Nigeria, Transcorp Hilton Hotel.