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EIB and IMF join forces to build capacity on financial inclusion in Africa

This partnership aims to support developmental agenda of micro, small and medium-sized enterprises, young men and women entrepreneurs in Africa. (Image source: DFID - UK Department for International Development/Flickr)

The European Investment Bank (EIB), the EU Bank and the International Monetary Fund (IMF) have signed a letter of understanding to promote sustainable economic development, financial stability and inclusive growth in Africa

Under the partnership programme, EIB will contribute with US$3.67mn to IMF economic institutions, namely the African Regional Capacity Development Centres (AFRITACs) and the Financial Sector Stability Fund (FSSF).

EIB will also launch a new course with the IMF on financial intermediation and financial inclusion. In addition, it will provide guidance to the AFRITACs and FSSF by participating in their governing bodies.

“It is important to create synergies and make sure that the development assistance we provide is as effective as possible. This partnership will allow us to empower major actors of development in Africa, namely micro, small and medium-sized enterprises, young men and women entrepreneurs and the financial intermediaries that can support their financial inclusion and help them realise their potential,” said Werner Hoyer, president of EIB.

Christine Lagarde, managing director of the IMF, said, “Strong economic and financial institutions are critical for development. Our partnership with the EIB will support continued IMF efforts to strengthen institutions in Africa through technical assistance and training, with a particular focus on financial sector stability and inclusion. It will also bring the international community closer to meeting the G20 ‘Compact with Africa’ commitments.”

Within this partnership, the EIB and the IMF are developing a training course that aims to equip government officials to deliver financial inclusion and stability. In the first instance, it will address public sector regulators and private sector practitioners in Sub-Saharan Africa. Participants may also include young professionals, staff of local banks and financial institutions, representatives of ministries of finance, regulatory bodies and central banks.

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