The African Development Bank Group President Dr Akinwumi A. Adesina wrapped up an official visit to the United Arab Emirates on Friday. The three-day visit covered engagements in Dubai and Abu Dhabi.
The visit—which took place alongside the World Government Summit and the closing days of Expo 2020 Dubai—explored potential partnerships for strategic investment in Africa between the African Development Bank Group and the UAE, in renewable energy, agriculture and food production.
His Highness Sheikh Maktoum Bin Mohammed Al Maktoum, Dubai’s Deputy Ruler, Deputy Prime Minister and Minister of Finance of the United Arab Emirates, and the African Development Bank chief, discussed strategic opportunities that would strengthen economic ties between the UAE, the Bank, and Africa.
Lauding the UAE’s exceptionally visionary leadership, Adesina said: “There is a lot that Africa can draw from the UAE’s remarkable success. What the UAE has done, using its resources, its drive and determination to develop the country into what it is today is highly impressive. We are keen to see the UAE become an even more valued and significant investment partner in Africa. The UAE has been a highly valued participant in the African Development Fund, our Bank Group’s concessionary lending arm supporting low-income countries since 1978. Hopefully, we may at some point be able to welcome the UAE as a member of the African Development Bank.”
Adesina also held a raft of bilateral meetings with other senior members of government and heads of UAE parastatal companies. They included discussions with the Minister of State for International Cooperation, Her Excellency Reem Al Hashimy—who is also Managing Director of Expo 2020 Dubai—and the Minister of State for African Affairs, His Excellency Sheikh Shakhbout bin Nahyan bin Mubarak Al Nahyan.
Receiving the African Development Bank head, the Minister of State in charge of African Affairs, His Excellency Sheikh Shakhbout, spoke about the UAE’s desire to help African countries diversify their economies, provide value-added support for small and medium-sized enterprises, explore potential social housing investment opportunities, and connect young African fintech companies to innovations that would allow them to grow and thrive on the continent.
The African Development Bank President and the Director General of the Abu Dhabi Fund for Development, His Excellency Mohammed Saif Al Suwaidi, also signed a memorandum of understanding for closer collaboration, on behalf of their respective