European Bank for Reconstruction and Development and African Development Bank Group to strengthen collaboration in support of SMEs in Africa

The European Bank for Reconstruction and Development (EBRD) and the African Development Bank Group are strengthening their strategic partnership to support small and medium-sized enterprises (SMEs) in Sub-Saharan Africa.

Building on successful past collaborations, including in North Africa, the two banks aim to jointly provide, in the coming months, tailored financing solutions and business advisory support to high-potential SMEs across the region. This integrated approach seeks to accelerate the growth of these SMEs to broaden their positive impact on local and regional economies.

Despite being the backbone of African economies and driving innovation, job creation, and sustainable development, SMEs face considerable challenges to growth, including, among others, limited access to financing opportunities and know-how.

By equipping promising SMEs with the necessary tools and resources to meet these challenges, this partnership will foster their further development and wider economic resilience.

Leveraging the African Development Bank’s in-depth on-the-ground expertise and the European Bank for Reconstruction and Development’s extensive experience working directly with SMEs, this collaboration represents a powerful framework for supporting African businesses and fostering the growth of the continent’s private sector. By combining resources and expertise, the AfDB and EBRD are committed to creating a robust ecosystem that will attract additional investment and enable long-term sustainable economic progress across Sub-Saharan Africa.

This partnership aligns with the African Development Bank’s High 5 priorities and the EBRD’s mission of promoting private and entrepreneurial initiative. Together, the two institutions aim to position African SMEs as key drivers of economic transformation and resilience.

Source: AfDB