African Development (Bank and Fund) Bill 2018 published paving the way for further strengthening of Irish-African ties
The Minister for Finance and Public Expenditure and Reform, Paschal Donohoe T.D., today (27 September 2018) published the African Development (Bank and Fund) Bill 2018. The Bill will provide for Ireland’s potential membership of the African Development Bank (AfDB) and the African Development Fund (AfDF).
- Membership of the AfDB and AfDF would require ratification of international agreements in the form of the Articles Establishing the AfDB, and the Articles Establishing the AfDF. Under the provisions of the Constitution, such ratifications require the approval of the Oireachtas through the enactment of appropriate primary legislation
- Ireland’s application for AfDB and AfDF membership is primarily informed by the objective to strengthen our ties with the African region.
- In addition to complementing our existing development relationship in Africa, membership would also be consistent with the priorities set out in the recently launched Global Ireland 2025 Initiative, notably the ambition to double the scope and impact of Ireland’s global footprint across the next 7 years.
- Membership of the AfDB and AfDF will also provide an opportunity to extend our reach and impact in terms of trade, in particular through enhancing opportunities for Irish companies to secure project contracts.
Commenting on the decision to approve the publication of the Bill, Minister for Finance and Public Expenditure and Reform Paschal Donohoe T.D. stated: ‘I am pleased to announce the publication of the African Development (Bank and Fund) Bill 2018. This is a key step in advancing Ireland’s membership of the Bank, which will play a significant role in further strengthening our longstanding relationship with Africa’.
Note for Editors:
About the African Development Bank (AfDB) Group
Founded in 1963, the African Development Bank (AfDB) Group is a regional multilateral development finance institution established to contribute to the economic development and social progress of African countries. As the premier development finance institution on the continent, the AfDB’s mission is to help reduce poverty, improve living conditions, and mobilize resources for the continent’s economic and social development. The AfDB headquarters is located in Abidjan, Côte d’Ivoire.