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Pagoda Agreement

As the continent`s largest financial institution, the Bank plays a leading role in meeting the financing needs of African countries. The signing of the PAGODA Partnership Agreement and these five specific infrastructure projects demonstrates the AfDB`s role in using partner institutions to achieve greater development impact. The African Development Bank (AfDB) and the European Commission signed five co-financing agreements on Monday (November 27, 2017) to support road infrastructure projects in West Africa. According to Boamah, the signing of the delegation agreements shows “the strong partnership between the Bank and the European Commission. We are on the right track and I am confident that our cooperation will continue to develop. For the Bank, PAGODA goes beyond a simple financing framework. The stakes are much higher: we must deliver on our commitment to fight poverty by mobilizing additional partners and resources to achieve better results and effects.┬áThe agreements were signed by Stefano Manservisi, Director General of the European Commission for International Cooperation and Development, and Charles Boamah, Senior Vice-President of the AfDB, at the 6th EU-Africa Economic Forum in Abidjan. The Presidents of the Economic Community of West African States and WAEMU, The Transport Ministers of West Africa and several donors were present at the signing ceremony. The cooperation agreements are part of a historic framework agreement known on 25 September 2017 between the banking group and the European Commission (EC) in the form of a column credit or delegation agreement (PAGODA). These include joint financial instruments to mobilize financial assistance to help implement the Bank`s priorities: improving and supplying Africa with electricity, feeding Africa, integrating Africa, industrializing Africa and improving the quality of life of the African population. The AfDB and the European Commission are committed to funding development projects focused on fighting poverty by investing in critical infrastructure to encourage the smooth networking of transport, energy and ICT. The British Council therefore publishes, in accordance with this obligation, the necessary information for all current agreements.