AfDB, MCC sign Africa memorandum
13 October 2010
Infrastructure projects may go ahead in the future, due to a memorandum signed between the African Development Bank (AfDB) and the US government's Millennium Challenge Corporation (MCC).
AfDB president Donald Kaberuka said: "We have agreed to collaborate through technical cooperation and parallel financing in key areas, such as infrastructure, water and sanitation, agriculture, environment, health and gender integration."
And chief executive officer of the MCC Daniel Yohannes added the partnership had been created with an aim to cut poverty in that part of the world.
Grants from the AfDB will assist with the aim to implement various programmes and Mr Kaberuka said the two sides have a desire to "leverage our comparative advantages".
According to the organisation, Mozambique is one of the nations where pilots for the schemes could take place.
This follows an announcement by the World Bank, stating it had agreed to give four International Development Association credits totalling $143 million (£90 million) to the African nation.