The French Development Agency (AFD) - represented by its CEO Rémy Rioux - and the Commission of African Union - represented by Albert Muchanga, Commissioner for Trade and Industry have signed their first Memorandum of Understanding worth EUr 1.5 million.
Africa Industry

France sign first-ever MOU with African Union worth EUR 1.5m

The French Development Agency (AFD) – represented by its CEO Rémy Rioux – and the Commission of African Union – represented by Albert Muchanga, Commissioner for Trade and Industry have signed their first Memorandum of Understanding worth EUr 1.5 million.

The AFD-AUC MoU confirms that AFD will provide a grant devoted to the second priority theme of the declaration of intent signed in 2018 between the two partners: “Economic integration and sustainable development”.

Two priority topics have been identified during the discussions between AFD and AUC: the implementation of the African Continental Free Trade Area (AfCFTA) and continental infrastructures.

This EUR 1.5 million support over two years will take the form of a technical assistance facility, implemented by Expertise France, – the French technical assistance operator, which will soon join AFD group.

This first MOU between the two institutions is a concrete result of the declaration of intent signed between France and the African Union on 8th June 2018 in Addis Ababa by the President of the Commission of the African Union – Moussa Faki Mahamat – and the French Minister for Europe and Foreign Affairs – Jean-Yves Le Drian.

In a press release sent to EABW Digital News, Rémy Rioux, CEO of AFD said: “This MoU is another testimony of the commitment of AFD and the French government to contribute to Agenda 2063 and other major projects of the African Union, in particular, the African Continental Free Trade Area.”

“We are happy to diversify our partners and look forward to now implement this AU-AFD MOU,” said Albert Muchanga, Commissioner for Trade and Industry.