ECA and Badea to Sign MOU to Promote African Development

8 March 2016
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United Nations Economic Commission for Africa (Addis Ababa)

Addis Ababa — The Economic Commission for Africa and the Arab Bank for Economic Development in Africa (BADEA) will sign a Memorandum of Understanding Sunday 3 April in Addis Ababa (Ethiopia), on the margins of the Africa Development Week 2016.

This agreement aims to establish a framework for ECA-BADEA collaboration to promote economic cooperation between Africa and Arab countries, 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. Both structures will also work to encourage African and Arab private sector actors can help enhance trade and investment relations between both sides.

ECA is one of the five regional commissions of the United Nations Economic and Social Council (ECOSOC). ECA's mission is to support African countries' economic and social development, support regional cooperation and promote 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. BADEA's areas of intervention include technical assistance and the financing of development in Africa; it also seeks to encourage Arab fund participation in Africa's development.

Read the original article on UNECA.

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