Ireland joins the African Development Bank

The Tánaiste and Minister for Foreign Affairs and Trade, Simon Coveney TD, and Minister for Finance and Public Expenditure and Reform, Paschal Donohoe TD have today (Tuesday) welcomed Ireland joining the African Development Bank Group. This follows the President of the African Development Bank, Mr. Akinwumi Adesina’s formal declaration of Ireland’s membership of the African Development Bank (AfDB ) and Fund (AfDF).

Minister Donohoe stated:

“I am very pleased that Ireland has become a member of the African Development Bank Group. This is an important addition to the ever-deepening ties that continue to inform Ireland’s relationship to Africa and its people.

The African Development Bank and the African Development Fund play an important role in fostering sustainable and inclusive social and economic growth and prosperity, helping the African continent to realise it’s potential to be the continent of promise and opportunity. I see our membership of the Bank and Fund as an investment in this potential. Ireland’s partnership with these important regional multilateral institutions will both advance our shared development priorities and will open future opportunities for Irish businesses in the region.

Of late we have been reminded of the importance of international cooperation and collaboration in facing both historical and evolving challenges. Ireland’s membership of the Bank and Fund bolsters our continued commitment to multilaterism.”

The Tánaiste stated:

“This marks an important deepening of Ireland’s long standing partnership with Africa. I know that membership of the Bank will further strengthen the role Ireland plays in sustainable and inclusive development on the continent. Ireland’s membership also comes as the African Development Bank provides crucial support to countries’ COVID-19 response.

Ireland’s African Development Bank membership is also an important expression of our commitment to, and investment in, the multilateral system and of our contribution to peace, security and sustainable development in Africa. This partnership will help us reach the furthest behind first.”

Akinwumi Adesina, President of the African Development Bank stated:

“Ireland’s joining the African Development Bank is a mark of great confidence in the Bank. I am delighted to welcome Ireland as the 81st member of the African Development Bank. Ireland’s membership and shareholder support will further boost the African Development Bank’s mission to accelerate Africa’s economic development,”

Ireland has become the 81st country to become a member of the Bank, which is headquartered in Abidjan, Côte d’Ivoire

ENDS

Note for Editors

About the African Development Bank (AfDB) Group

Founded in 1963, the African Development Bank (AfDB) is a regional multilateral development bank focused on reducing poverty, improving living conditions for Africans and mobilize resources for the continent’s economic and social development. Headquartered in Abidjan, Côte d’Ivoire, membership of the Bank now comprises 54 African countries and 26 non-African countries. Ireland has become the 81st country to become a member (27th non-regional member).
Through its operational priorities, referred to as the “High Fives” (i) Light up and Power Africa,(ii) Feed Africa, (iii) Industrialize Africa,(iv) Integrate Africa and (v) Improve the quality of Life for the People of Africa, the Bank finances projects, programs and studies in the areas of agriculture, health, education, public utilities, transport and telecommunications. It provides assistance including structural adjustment loans, policy-based reforms and various forms of technical assistance and policy advice. This assistance includes creating the capacity for member countries to sustainable manage debt.
The African Development Fund (ADF) is the separate arm of the African Development Bank which provides concessional resources to low-income African countries. The Fund has also provided catalytic financing and policy advice to help countries deliver essential services to accelerate growth and protect vulnerable communities.

Ireland’s membership Bank and Fund

In November 2017 the Cabinet sanctioned the initiation of Ireland’s membership of the membership of the African Development Bank and African Development Fund and a formal membership application was subsequently submitted to the Bank in early 2018.
The ‘Finance (African Development (Bank and Fund) and Miscellaneous Provisions) Act 2018’ which facilitates and underpins Irelands membership of the Bank and Fund was signed into law by President Higgins in December 2018.
Ireland’s application to join the African Development Bank Group was approved during the Annual meetings of the Board of Governors of the Bank Group in Malabo, Equatorial Guinea in June 2019.
On the 24th April 2020 the President of the African Development Bank, Mr. Adesna, declared Ireland a member of the African Development Bank and participant in the African Development Fund.
Membership of the Bank and Fund Ireland will cost the Exchequer approx. €100m over the next 8 years. This investment will count to Ireland’s Official development assistance (ODA) commitment of .7% of GNI. The Bank’s particular emphasis on climate change, agriculture and nutrition, fragile states and jobs and inclusive economic development align closely with priority areas for action identified in our International Development Policy, ‘A Better World’. Membership will also open opportunities for Irish businesses to provide goods and services to the Bank and Fund and its projects. Ireland’s membership of the Bank is a commitment outlined in Global Ireland: Ireland’s Strategy for Africa to 2025, which sets out an ambitious pathway to deepen Ireland’s political, economic, trade, and cultural relationships with Africa