African Development Bank inks missive with Mizuho Bank
Côte d’Ivoire – During the Sixth Tokyo International Conference on African Development (TICAD VI) held in Nairobi, Kenya, the African Development Bank (AfDB) signed a Letter of Intent (LOI) for business cooperation with Mizuho Bank, Ltd. (MHBK) late last month.
The signed LOI covers a broad range of financial services, including Treasury, Trade Finance and Project Finance to support the Bank’s High 5 development priorities, which are: Light up and power Africa, Feed Africa, Industrialise Africa, Integrate Africa and Improve the quality of life for the people of Africa.
The agreement marks the AfDB’s commitment to establish strategic partnerships that are catalytic to deliver its ambitious development agenda on the continent. Over time, the LOI will materialize with specific contract agreements that can strengthen the Bank’s work and add value to its development mandate. Mizuho Bank, a well-established international and top tier Japanese Bank with a significant experience in financing various initiatives in Africa, will thus become a key partner towards achieving the AfDB’s development objectives in Africa. The African Development Bank is a regional multilateral development bank, engaged in promoting the economic and social development of its Regional Member Countries. Its mission is to mobilize and allocate resources to provide a wide range of investment, loan and guarantee products, and technical assistance to its African member countries for development projects and programmes that contribute to poverty reduction in Africa and facilitate its sustainable development.