United Nations partnership with the African Development Bank is set to develop the different industries in Africa.
The United Nations Industrial Development Organization (UNIDO) and the African Development Bank (AfDB) have agreed to a Memorandum of Understanding to work together to boost the various industries present in Africa.
In 2016, AfDB already revealed their industrialisation strategy for Africa for the next nine years. “The signing of the present MoU is key to our Strategy’s implementation,” said African Development Bank President Akinwumi Adesina.
A year later the launch of the strategy, AfDB also allocated $1.2 billion for the “Industrialize Africa” project, which is one of the bank’s highest priorities. Through the new agreement, the bank and UNIDO can collaborate on activities that would ensure the progress and development of the agriculture sector, innovation and technology, enterprises, and capacity-building among others.
“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 Scholts, Managing Director at UNIDO.
“This partnership will create significant opportunities and facilitate our work together towards the operationalization of IDDA III (Third Industrial Development Decade for Africa).”
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