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Prince Sunduzani, Business Reporter
THE African Development Bank (AfDB) and the United Nations Industrial Development Organization (UNIDO) have joined hands to accelerate Africa’s industrialisation in various economic sectors.

The two organisations signed a Memorandum of Understanding (MoU) on Monday, to step up collaboration to boost the continent’s industrial growth. The agreement facilitates AfDB and UNIDO’s co-operation on joint activities of shared interest in areas such as agro-industry development, circular economy, eco-industrial parks, investment in innovation and technology, enterprise development, trade, capacity-building, and access to finance, among others.

AfDB president, Dr Akinwumi Adesina, said the MoU will be a key driving force towards implementation of the Industrialisation Strategy for Africa 2016-2025.

“The bank launched in 2016 its Industrialization Strategy for Africa 2016-2025, which was the outcome of collaborative work with UNIDO and the United Nations Economic Commission for Africa. The signing of the present MoU is key to our strategy’s implementation. The Bank already benefits enormously from UNIDO’s expertise in developing policies, programmes and knowledge tools which supports our member countries to industrialize,” he said.

In 2017, the AfDB allocated US$1.2 billion to industrialise Africa, mostly on projects for financial sector operations, to fulfil one of its High 5 development priorities. UNIDO managing director Mr Philippe Scholtes said the partnership will unlock opportunities, which will enable the continent’s much needed economic growth and industrialisation.

“Achieving Africa’s industrial potential will not happen by chance; strong partnerships such as the one our two organisations have now formalized are key. This partnership will create significant opportunities and facilitate our work together towards the operationalisation of Industrial Development Decade for Africa IDDA III (2016–2025),”

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