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Tunisia : AfDB, ERDB to find out possible investments in Africa.

The European Bank for Reconstruction and Development (EBRD) and African Development Bank (AfDB) disclosed proposals to allow the explortaion of available investment and development opportunities in Africa.

The banks were negotiated possible investment and development collaborations on the continent, during a meeting in Tunis. The AfDB President, Donald Kaberuka, who declared the meeting opened, and the Dean of the bank s Board of Directors, Mohamed Mahrougwere present at the meeting.

EBRD has already launched operations in Tunisia, Morocco and Egypt to take over the business natures on the continent and strike from the investment/development requirements that rose from the Arab Spring.

EBRD Secretary-General, Enzo Quattrociocche said: What is emerging from this meeting is that there is large room for complementary efforts for the two institutions. Though EBRD business model is more focused on the development of the private sector, while AfDB does something a bit different; there are complementarities in the way we work, and we are exploring these possibilities.

According to him, ERDB already have a track record of co-operation with AfDB in terms of the exchange of information and know-how.

We have a Memorandum of Understanding with the bank and we are planning to do projects together. We have invested together with TunInvest, which is a private equity investment fund, and there are more opportunities going forward, he said.

The cause of launching its investment operations from the Northern part of the continent was as a result of the challenges, needs and opportunities, which rose from the Arab Spring, coupled with shareholders and the international community s demand, said The ERDB Secretary General.

After the Arab Spring, our shareholders and the international community at large asked us to start operations in these countries, because we have accumulated 20 years of expertise in Central and Eastern Europe and because our business model is very suited to address the needs of these countries, said Quattrociocche.

This was not our region at all, but the Arab Spring was such a huge event that it warranted action mainly in terms of its business model. Because in terms of funding, there are other institutions the African Development Bank, the World Bank, the European Investment Bank, that are already working in those countries, he said.

2012 Al Bawaba (Albawaba.com)

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Publication:Mena Report
Geographic Code:6TUNI
Date:Jan 8, 2013
Words:385
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