(Ecofin Agency) - The African Development Bank (AfDB) and the International Air Transport Association (IATA) have signed a memorandum of understanding (MoU) to boost Africa’s aviation sector.

The MoU was signed last Tuesday in Abuja, Nigeria, on the sidelines of the International Civil Aviation Organization World Aviation Forum, by AfDB’s president, Akinwumi Adesina (picture), and IATA’s director, Alexandre de Juniac.

In its framework, the two institutions committed to develop and implement various projects and initiate technical cooperation for capacity strengthening in the aviation sector.

Key areas covered by the MoU include connectivity, security and aviation infrastructure. “The aviation sector is especially important as it opens up doors to investors. Very few invest where it's difficult to travel to. That's why ease of access via air travel is strongly correlated to economic growth. We must make regional aviation markets competitive and drive down costs, raise efficiencies and improve connectivity and convenience,” Adesina said.

Presently, the aviation industry in Africa is valued at $72.5 billion and supports 6.8 million jobs. Over the next 20 years, the sector should grow by nearly 6% a year.

“This creates significant opportunities. But achieving this potential will not happen by chance; strong partnerships are key. The MoU with ADB will help facilitate the growth and development of Africa's aviation industry. In so doing, it will expand prosperity and change peoples' lives for the better in the continent's 54 nations,” Alexandre de Juniac said.

Over the past 10 years, AfDB has injected close to a billion dollars in the construction and expansion of airport terminals as well as to boost air security and acquire planes in Africa.

Other commitments of the bank in the industry include subsidies for the strengthening of capacities and coordination systems in 25 countries and 69 airports. These to increase the number of airports meeting international safety and security standards from 3 to 20, by 2019.

Fiacre E.  Kakpo