AfDB enters into MoU with the European Stability Mechanism
The African Development Bank (AfDB) on Thursday signed a memorandum of understanding (MoU) with the European Stability Mechanism (ESM). The ESM assured the financial stability of the euro currency area and the MoU was signed on the fringes of the 2026 International Monetary Fund and World Bank spring meetings, in Washington DC.
The MoU will formalise and strengthen cooperation between the AfDB and the ESM. This cooperation will be focused on knowledge sharing, capacity building and research.
The agreement also covers cooperation, subject to the internal rules and procedures of both organisations, in a number of areas. These include information exchange, technical dialogue, staff-level engagements and joint seminars.
"This agreement reflects our commitment to mutually beneficial exchanges," highlighted AfDB president Sidi Ould Tah. "By formalising our cooperation with the ESM, we are strengthening our ability to draw on international best practices, including in the context of efforts to establish the African Financial Stability Mechanism, a priority endorsed by African Union Heads of State and Government. Africa remains the only region without a dedicated regional financial stability mechanism, and this cooperation will be instrumental in helping safeguard financial stability in the region."
"In a world that has become more prone to frequent shocks, preparedness through cooperation is essential," stressed ESM MD Pierre Gramegna. "This MoU provides a structured framework for deepening our dialogue with the AfDB and sharing experience in areas such as market funding, governance, and crisis prevention and management."
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