Ireland becomes the 81st member of the African Development Bank (AFDB)
On the 24th of April 2020, the Republic of Ireland became the 81st shareholder of the African Development Bank (AFDB). Membership of the AFDB is contingent on the applicant’s signing of the agreements which underpin the AFDB and the payment of the initial subscriptions and acquisition of capital stock of the AFDB. The cost of the Republic of Ireland’s membership of the AFDB will cost the Exchequer approximately €100m over the next 8 years.
The AFDB was founded in 1963 and is head quartered in Côte d’Ivoire. The existing membership of the AFDB is made up of 56 African countries with 26 non-regional members (Ireland is now the 27th non-regional member).
With the accession of the Republic of Ireland to membership of the AFDB, the route is now clear for Geoscience Ireland companies to actively bid and participate in African Development Bank funded projects. The AFDB funds a wide range of infrastructure development projects such as roads, rail, energy, water and wastewater treatment facilities. The AFDB also funds a wide range of capacity building projects which assists the governments and state agencies to develop their expertise. In preparation for the Republic of Ireland’s accession to membership of the AFDB, GI staff met with representatives of Bank in Capetown and Addis Ababa in 2019 in order to discuss the opportunities available to Irish geoscience companies through the AFDB funded work.
While the Republic of Ireland has only just joined the AFDB, Geoscience Ireland member companies have a strong track record in delivering projects across the continent of Africa. A range of project profiles describing the infrastructure which these companies delivered can be reviewed by clicking here.
