AU signs its first-ever agreement with the Arab Bank for Economic Development in Africa
The memorandum sets up a framework for the two institutions to pool expertise and resources behind Agenda 2063 and African-led development priorities.
PANM — The African Union Commission and the Arab Bank for Economic Development in Africa (BADEA) have signed their first-ever memorandum of understanding, the AU said.
The agreement, signed on 15 October, sets up a framework for closer cooperation in support of sustainable economic and social development across Africa.
What it covers
- Stronger coordination between the two institutions.
- Mobilising technical expertise and resources.
- Working together on African-led development priorities and initiatives.
The memorandum is grounded in the AU's founding Constitutive Act and in Agenda 2063, the continent's long-term development plan. No financial figures were announced.
The AU Commission's deputy chairperson, Selma Malika Haddadi, signed on behalf of the chairperson, and BADEA's president, Abdullah Al Musabeeh, signed for the bank.
Ms Haddadi said the agreement recognises the two institutions' complementary mandates and strengths, and called it an important milestone. The aim now, she said, is to turn the partnership into practical cooperation, resources and results.
Source: African Union, 15 October 2026.
