Finance

Africa and the Caribbean to strengthen cooperation through their regional development banks

Africa and the Caribbean to strengthen cooperation through their regional development banks
Thursday, 16 June 2022 14:52

Economic ties between Africa and the Caribbean took a strong upward turn this week as the regions’ premier financial institutions—the African Development Bank and the Caribbean Development Bank—came together to advance their collaboration with one another.

On Tuesday, African Development Bank Group President Dr. Akinwumi Adesina delivered the prestigious 22nd William G. Demas Memorial Lecture at the Caribbean Development Bank’s 52nd Annual Meeting in Providenciales, Turks and Caicos.

The long-planned visit by the African Development Bank president to deliver this lecture physically had been on hold for the last two years, with both institutions having had to work virtually on account of the Covid-19 pandemic.

Adesina and his Caribbean Development Bank counterpart, Dr. Hyginus ‘Gene’ Leon, announced it was an opportune time for the two regions to deepen development and economic ties through a new strategic partnership.

The William G. Demas Memorial Lecture, delivered to a packed audience, was an ideal platform for sharing mutual experiences and tracing pathways for a much closer partnership between Africa and the Caribbean.

Adesina’s lecture—titled “Development in a Context of Global Challenges: experiences and lessons from the African Development Bank”— highlighted shared lessons from the African Bank’s experience dealing with seven global challenges: the Covid-19 pandemic, climate change, renewable energy and energy transition, food security and Russia’s invasion of Ukraine, infrastructure, debt and resource mobilization, and inclusive growth for women.

Increased cooperation will entail the two regions—which share deep historical and cultural ties—working closely through their multilateral development banks, particularly in agriculture, to create linkages for the African Development Bank to help train and provide capacity for the younger generation in agricultural development.

We must encourage our young people to realize that agriculture is not simply about subsistence farming,” the African Development Bank chief stressed. “It is a business, and we should be turning out more and more of what I like to call ‘agripreneurs’,” he said.

To facilitate a strategic cross-fertilization of transatlantic investments, the African Development Bank head proposed building on the existing Africa Investment Forum—a platform set up by the Bank in 2018—to establish an Africa and Caribbean Investment Forum.

Adesina met with Turks and Caicos Premier Honorable Charles Washington Misick and key members of his government. They discussed areas of mutual collaboration. He also spoke with members of the Turks and Caicos’ private sector. He urged them to put a high premium on agriculture as a business with a profitable bottom line and as a vehicle of immense benefit to the economy and quality of life of the people of Turks and Caicos.

The two multilateral development institutions further strengthened their collaboration with the signing on Tuesday of a memorandum of understanding (MoU) in Providenciales.

Adesina and Leon signed the MoU on behalf of their institutions. Both banks will work closely across various areas. They will collaborate on economic diversification initiatives in their respective regions, with an emphasis on deploying technological and digital transformation solutions in commerce, trade, public services, and financial intermediation and inclusion.

The MoU formalizes the platform for the two institutions to join forces to promote trade between Africa and the Caribbean. It also enables both regions to work together on the sustainable development of micro, small and medium-sized enterprises. The heads of the two development finance institutions agreed that the MoU will play a catalytic role in making their regional economies more resilient, especially for the most vulnerable. Collaboration by the institutions is expected to promote the development of and access to innovative financing instruments that encourage the flow of funds into the two regions.

At the signing, Adesina said: “Our challenges and the solutions that we must pursue to address them are similar. Together, we are catalyzing the development of our respective regions, making a difference in the lives of our people, ensuring that impact is strong and lasting, and shaping the global narrative about our respective regions and institutions.”

Leon said: "Deepening partnerships and knowledge sharing are critical for us to realize the transformative development of our respective regions as we envision. This agreement will not only strengthen our relationship with the African continent but also fuel the innovative path we are pursuing in areas of mutual interest beneficial to all." 

The theme of the Caribbean Development Bank’s 52nd Annual Meeting—“Measure Better to Target Better”—resonates with the two regional development banks, as both institutions place a high premium on measuring efficacy to better target the needs of their regional member countries.

1 bank dev

On the same topic
(EBID) - The Board of Directors of the ECOWAS Bank for Investment and Development (EBID) held its 92nd Ordinary Session on June 30, 2025. The Board...
• The IMF approved a $261.9 million disbursement under DR Congo’s credit program• Economic growth hit 6.5% in 2024, driven by the extractive sector•...
• Ghana’s Parliament approved a $360 million loan from the World Bank’s IDA• The funds will help pay road sector arrears, support vulnerable groups,...
(AMETRADE) - The 15th edition of the annual Africa PPP Summit (#APPP2025) is set to take place on 28 – 31 October 2025 at Hilton Hotel, Windhoek, Republic...
Most Read
01

Lebara Group is now bringing its affordable and reliable mobile services to Africa, starting with Ni...

Telecoms: Lebara Enters Nigerian Market with Strong Competitive Ambitions
02

Transport and food prices have been climbing steadily across Africa in recent years. In Côte d’Ivoir...

Côte d’Ivoire’s Fuel Price Cuts Haven’t Slashed Transport Costs–Yet
03

• BOAD releases CFA10 billion ($17.8 million) to support Boungou and Wahgnion gold mines.• Burkina F...

BOAD Grants CFA10 Billion to Revive Boungou and Wahgnion Gold Mines in Burkina Faso
04

In a West African financial landscape marked by tighter regulation of the fintech sector, digital fi...

In Five Years, Francophone Africa Will be A Major Force in African Tech –Régis Bamba
05

• Maritime sector faces renewed risks amid military tensions in the Middle East• Blockade fears at S...

Israel-Iran conflict raises new threats for global shipping and oil trade
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

Benjamin FLAUX
bf@agenceecofin.com 
Téls: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.