By Khalifa Hemed
Published May 22, 2018
Efforts to hasten industrialisation across Africa have been boosted with the signing of a Memorandum of Understanding (MoU) between African Development Bank (AfDB) and United Nations Industrial Development Organisation (UNIDO).
The new agreement facilitates the Bank and UNIDO cooperation on joint activities of shared interest in areas such as agro-industry development, circular economy, eco-industrial parks, investment in innovation and technology, enterprise development, trade and capacity-building, and access to finance, among others.
RELATED:TV Content Market Focuses on Ethiopia, Announces Knowledge-Transfer Programme
Saying AfDB launched its Industrialization Strategy for Africa 2016-2025 in 2016 and allocated US$1.2 billion in 2017 to Industrialize Africa, Akinwumi Adesina, President of AfDB said the signing of the MoU with UNIDO is key to the implementation of AfDB’s Strategy.
“Achieving Africa’s industrial potential will not happen by chance; strong partnerships such as the one our two organizations have now formalized are key,” said Philippe Scholtès, Managing Director at UNIDO.
The two entities, who signed the MoU on the sidelines of the Annual Meetings of the Boards of Governors of the African Development Bank Group in Busan, South Korea on May 21, 2018, say they have already embarked on work.
RELATED:Kenyan Media Mark World Press Freedom Day With Little to Celebrate
The signing ceremony was attended by African Industry Ministers, representatives of regional Member States, development partners and private-sector executives.