AfBD, AU sign $11.4m agreement to transform continent into global economic powerhouse

African Development Bank (AfDB) says it has signed a protocol of agreement with the African Union (AU) to strengthen the implementation of Agenda 2063.

Agenda 2063 is Africa’s blueprint and master plan for transforming Africa into the global powerhouse of the future.

Monique Nsanzabaganwa, deputy chairperson, AU Commission, and Yacine Fal, AfDB Group’s acting vice-president, regional development, integration and business delivery, signed the agreement.

According to a statement issued on Tuesday by the communication and external relations department in Abuja, the agreement is also to implement the AU’s institution capacity building project in Addis Ababa, Ethiopia.

“The project is expected to bolster the AU’s efforts to implement Agenda 2063. Adopted in 2015, Agenda 2063 is the African Union’s vision for an integrated, prosperous, and peaceful Africa driven by its citizens and representing a dynamic force in the global arena,” the statement reads.

“The project cost, amounting to $11.48 million, is being supported with a grant from the Bank Group’s concessional financing window. It was approved by the board of directors in February 2022. The signing of the protocol of agreement signals the start of the implementation phase of the project.”

Nsanzabaganwa said the process of consultation that led to the signing of the agreement was to address the gaps in the AU’s early warning system as well as upgrade several systems.

“As you know, this ceremony and the signing of the protocol of agreement represent the culmination of a series of interactions and consultations that have occurred between the African Union Commission, the African Development Bank, and several stakeholders starting last year,” she said.

“The project will upgrade and automate several AU systems, including those for information management, procurement and financial management, human resources, and results from management.

“It will also address gaps in the AU’s continental early warning system, a critical instrument in the prevention and management of conflicts and fragility across the continent.”

On her part, Fal described the signing as a milestone, noting that “reaching it would not have been possible without the mutual trust and collaboration that our respective institutions have shown historically and throughout the process”.