The UN Economic Commission for Africa (ECA) and the Arab Bank for Economic Development in Africa (BADEA) will sign a Memorandum of Understanding to collaborate and promote economic cooperation between Africa and Arab countries.
The agreement which is expected to be signed on Sunday April 3, during the Africa Development Week 2016 in Addis Ababa, will seek to establish a framework for joint action in areas such as investment, trade, gender, harnessing new technologies and innovations for sustainable development and reform of the higher education sector for Africa’s industrialization.
“The partnership will also include targeted capacity development services and technical assistance to African countries”, a statement from the ECA said.
The MoU according to the ECA, will also encourage African and Arab private sector actors to help enhance trade and investment relations between both sides.
The MoU comes in the wake of commitment at Cairo in September 2015, by the ECA’s Executive Secretary Mr. Carlos Lopes and BADEA’s Director General, Dr. Sidi Ould Tah, to develop their partnership towards promoting Africa’s structural transformation agenda.
ECA is one of the five regional commissions of the United Nations Economic and Social Council (ECOSOC) with the mission of supporting the economic and social development of African countries, regional and international cooperation for Africa’s development.
BADEA is an independent financial institution of the League of Arab States, which aims to increase technical, financial and economic cooperation as well as trade between the Arab and African regions.
Its areas of intervention are said to include technical assistance and the financing of development in Africa; it also seeks to encourage Arab fund participation in Africa’s development.
By Emmanuel Odonkor