Akinwunmi Adesina, President of the African Development Bank (AfDB), and Mohammed Saif Al Suwaidi, Director General of the Abu Dhabi Fund for Development, have signed a memorandum of understanding (MoU) for tighter collaboration in fostering investment synergies.
The MoU was signed during Adesina's official visit to Dubai and Abu Dhabi, according to the AfDB.
"We regard the African Development Bank to be the continent's Think Tank," Suwaidi stated of the MoU. Africa, we feel, is the world's next growth frontier, and we don't want to miss out."
In his remarks, Adesina expressed excitement about the partnership's prospects and the potential influence on numerous development projects on the continent.
Meanwhile, during her visit, Adesina looked into possible strategic partnerships between the African Development Bank Group and the UAE in renewable energy, agriculture, and food production in Africa.
Adesina and Dubai's Deputy Ruler, Deputy Prime Minister, and Minister of Finance, Sheikh Maktoum Bin Mohammed Al Maktoum, discussed strategic potential to improve economic links between the UAE, the Bank, and Africa.
"There is a lot that Africa can learn from the UAE's incredible accomplishment," Adesina added, praising the UAE's incredibly imaginative leadership.
"What the UAE has accomplished with its resources, tenacity, and drive to transform the country into what it is today is truly remarkable."
"We want to see the UAE grow in importance and value as an investment partner in Africa."
He noted that the UAE has been a valuable participant in the African Development Fund, the African Development Bank's concessionary lending arm, which has been aiding low-income nations since 1978.
"Hopefully, we will be able to welcome the UAE as a member of the African Development Bank at some time," said Adesina.
Adesina also met with other senior government officials and CEOs of UAE enterprises on a bilateral basis.