The African Union signed a Memorandum of Understanding with the NEPAD Business Foundation at its 7th Annual African Union Private Sector Forum which was held in Nairobi, Kenya on 3-5 December 2014. The partnership between the AU and the NBF will enhance and strengthen the coordination of complementary activities, interests and capacities between the AUC’s Department of Economic Affairs and the NBF, as well as promote private sector development, investment and resource mobilization in Africa.
The MOU was signed by His Excellency, the Deputy Chairman of the African Union, Mr Erastus J.O. Mwencha on behalf of the AU and Mr. Geoff Rothschild, Chairman of the NBF Operations Committee on behalf of the NBF. As an invited guest, Mr. Rothschild also participated in a plenary session discussing the role of the private sector in catalysing inclusive growth and development in Africa. The Annual African Private Sector Forum is an AU event, which invites key members of the private sector to convene and engage in dialogue with the public sector in order to find joint solutions to Africa’s challenges and to increase the momentum of developmental public-private partnerships across the continent.
This MOU will see the NBF and its private sector members becoming more involved in the AU’s continental development programmes and will be the launch pad for NBF operations in Central and East Africa.
NBF has scheduled the launching of its NBF Ethiopia office in Addis Ababa for February/March 2015 thereby increasing its footprint in Africa. Currently the NBF operates in South Africa, Mozambique, Zambia, Malawi and Tanzania and the launch of the Ethiopia office will be the first planned towards East African expansion.
MoU Press Release