Switzerland and the African Development Bank deepen partnership
From investment and finance to vocational education and training: Switzerland and the African Development Bank are exploring new ways to turn Africa’s economic potential into opportunities for sustainable and inclusive growth.
On September 16, the President of the Swiss Confederation, Guy Parmelin, welcomed the President of the African Development Bank (AfDB), Sidi Ould Tah, to Bern for a high-level visit, the first of its kind. The visit also brought together government, business and financial sector representatives to discuss how stronger partnerships can help mobilise investment, create jobs and support sustainable and inclusive economic development across Africa.
The AfDB is a key partner for Switzerland in Africa and the continent’s leading multilateral development finance institution. Through its investments, the Bank supports sustainable economic development and poverty reduction, helps strengthen regional integration and creates opportunities for businesses and investors. It also plays a critical role in helping African countries adapt to and mitigate climate change and in addressing the drivers of fragility.
At the first Switzerland–AfDB Business Roundtable, representatives of Swiss companies discussed concrete investment and cooperation opportunities in Africa with President Tah. Africa’s growing markets offer significant opportunities for Swiss businesses. The AfDB can help connect private investment with projects that contribute to sustainable development, benefiting both Swiss companies and African economies. The discussion continued with representatives of the Swiss financial sector, focusing on sustainable finance, mobilizing private capital and ways of building stronger bridges between multilateral development banks and institutional investors. Mobilising more private capital will be essential to meeting Africa’s substantial development needs.
The visit also highlighted another area where Switzerland has particular expertise: vocational education and training. At Swisscom, President Tah learned first-hand about Switzerland’s dual vocational education system and how close cooperation between companies, education providers and the public sector helps young people acquire skills that match the needs of the labour market. Creating decent jobs and income opportunities for Africa’s growing young population is essential for improving living standards and fostering inclusive growth. Switzerland’s expertise can contribute to this effort – and offers another avenue for closer cooperation between the AfDB and Swiss institutions and companies.