The European Stability Mechanism (ESM) and the African Development Bank Group (AfDB) on Thursday signed a Memorandum of Understanding (MoU) to formalise and strengthen cooperation between the two institutions.
The agreement was signed on the sidelines of the 2026 Spring Meetings of the International Monetary Fund and the World Bank Group in Washington, D.C..
Under the MoU, both institutions will collaborate on capacity building, knowledge sharing, and research. The partnership will also involve technical dialogue, information exchange, joint seminars, and staff-level engagements, in line with their respective internal rules and procedures.
Managing Director of the ESM, Pierre Gramegna, emphasised the importance of collaboration in an increasingly uncertain global environment. He noted that the agreement provides a structured framework for deepening dialogue and sharing expertise in areas such as market funding, governance, and crisis prevention and management.
On his part, President of the AfDB, Sidi Ould Tah, described the MoU as a reflection of the bank’s commitment to mutually beneficial exchanges. He said the partnership would enhance Africa’s ability to leverage international best practices, particularly in ongoing efforts to establish the African Financial Stability Mechanism.
Tah noted that Africa remains the only region without a dedicated regional financial stability mechanism, adding that the collaboration would play a key role in strengthening financial stability across the continent.
