Nigeria, S/Africa partner on infrastructure,market development

FOR sustained economic growth and development of the capital market, the Urban Development Bank of Nigeria Plc (UBDN) has signed a co-operation agreement with the Development Bank of South Africa (DBSA).The bi-lateral agreement between the two development finance institutions signals a new era of economic cooperation for both nations and clears the path for the sharing of ideas and expertise on a broad range of infrastructure-related matters.The multi-purpose agreement, which was entered into last week, will promote business, technology and knowledge exchange between two regional economic blocs, the Economic Community of West African States (ECOWAS) and the Southern African Development Community (SADC), and enhance the capacities of stakeholder groups on both sides of the NigeriaSouth Africa border in the delivery of infrastructure projects.The agreement between the two leading economies on the continent was signed in Midrand, South Africa, by the managing directors of both development banks, Mr Adekunle AbdulRazaq Oyinloye of UDBN and Dr. Paul Kibuuka of the DBSA Development Fund on behalf of their respective organisations.In a statement made available to the Nigerian Tribune, the two development banks were collaborating with the express goal of improving the capacities of both public and private sectors to deliver infrastructure, Mr Oyinloye said. He stressed the need for synergy between leading DFIs that had excelled in addressing infrastructure especially through Public Private Partnerships (PPPs), noting that the development of infrastructure was the essential catalyst  for sustained economic development.On his part, Dr Kibuuka highlighted the versatility of the DBSA as a Development Finance Institution (DFI) wholly owned by the government of South Africa.
Click here to read full news..