The agreement – which further enhances the Bank Group’s franchise value as the premier development finance institution in Africa – will leverage and catalyze grants for the Bank’s Regional Member Countries (RMCs) via EC blending instruments.

This scaled-up cooperation will enable the Bank to focus on the High-5 priority areas from its 10-Year Strategy by supporting both sovereign and non-sovereign operations.

The Bank's High 5 entails, Lighting up and power Africa, Feed Africa, Industrialise Africa, Integrate Africa and Improve the quality of life for the people of Africa.

Mr Akinwumi Adesina, Group President, highlighting the relevance of the agreement, said the EU policy priorities are in line with the Bank’s Ten Year Strategy and High 5 priorities, including the golden threads related to gender, climate resilience and fragility.

“What is particularly important is it to allow us to push on High 5s in the areas of transport and energy,” he observed.Following consultations with various RMC governments, regional economic communities and civil society, the EC has already approved grants amounting to €434 million to support 15 large-scale infrastructure projects in West and Central Africa.

These EC grants will be blended with concessional financing from the African Development Fund (ADF) to support projects in energy and transport such as the 330KV Nigeria-Niger-Burkina Faso-Benin interconnection, the rehabilitation of the Lome-Cotonou Road and the Rosso Bridge Construction project connecting Mauritania and Senegal.