Largest US bank JPMorgan Chase to deepen partnerships with the African Development Bank Group

African Development Bank Senior Vice-President Bajabulile Swazi Tshabalala, has held talks with a high-level delegation from JPMorgan Chase, the largest US bank, on  potential partnership between the two institutions.

The delegation from JPMorgan Chase, led by Masha Gloukhovski, Global Head of the Public Sector, included Olivier Eweck, Head of the Public Sector for Sub-Saharan Africa, Gabriel Syed, Vice President for emerging markets, and Sjoerd Leenart, Global Head of Corporate Banking. The team conveyed JPMorgan’s interest in collaborating with the African Development Bank Group, particularly on trade and the private sector, and project funding operations. The meeting took place on March 22. 

“We are also very interested in providing long-term financing, as far as possible in local currencies, provided we have a guarantee from the Bank,” said Eweck. The US Bank currently works with the Bank Group on capital market transactions. It is considering leveraging the Bank’s guarantee instruments to increase funding to eligible African countries, particularly low-income states.

Ms. Tshabalala spoke about efforts to partner with other development institutions to mobilise resources to help combat climate change in Africa amid regional and global challenges. She highlighted the impacts of the African Development Bank window, which offers financing and support to middle-income countries, and the African Development Fund, which provides concessional funding to low-income countries and transitional countries.

Source: AFRICAN DEVELOPMENT BANK