The African Union (AU) and the Arab Bank for Economic Development in Africa (BADEA) have signed their first memorandum of understanding to strengthen cooperation in support of the continent’s sustainable economic and social development.
The first partnership agreement between the AU and BADEA was signed on behalf of the Chairperson of the AU Commission by the Commission’s Deputy Chairperson, Selma Malika Haddadi, and BADEA President Abdullah Al Musabeeh.
The memorandum aims to strengthen coordination between the two institutions, facilitate resource mobilisation and promote the sharing of technical expertise to support development priorities set by African countries.
It builds on the complementary mandates and capacities of the two organisations, with the aim of advancing initiatives that address the continent’s economic and social needs.
Aligned with the principles of the Constitutive Act of the African Union and the aspirations of Agenda 2063, the partnership marks a new step in strengthening institutional cooperation towards a more integrated, prosperous and sustainable Africa.
The two institutions now intend to translate this commitment into concrete action, notably by mobilising resources and developing projects that benefit African populations.
TE/Sf/lb/gik/APA