The Millennium Challenge Corp. and African Development Bank have entered into a partnership to promote sustainable economic growth as a means of curbing global poverty.
MCC Chief Executive Officer Daniel Yohannes and AfDB President Donald Kaberuka signed a memorandum of agreement that seeks to maximize the impact of the two organizations’ work in developing countries.
Under the agreement, MCC and AfDB will collaborate on shared program areas by using AfDB grants to complement existing MCC investments in countries where both agencies have presence and coordinating on future MCC engagement in Africa, among others.
“We have agreed to collaborate through technical cooperation and parallel financing in key areas, such as infrastructure, water and sanitation, agriculture, environment, health and gender integration,” Kaberuka said, as quoted in a news release. “As many of our client countries are recovering from the recent crises, we are urged to work closely together and leverage our comparative advantages.”