ABIDJAN, Côte d’Ivoire (BG) – The African Development Bank Group (AfDB) has partnered with the International Criminal Police Organization, or Interpol, to combat financial crime and strengthen anti-corruption efforts in Africa.

According to a statement Friday, the bank signed a letter of intent with Interpol, marking the first collaboration between a multilateral development bank and the global policing body.

AfDB President Dr. Akinwumi Adesina and Interpol Secretary General Valdecy Urquiza formalized the agreement Wednesday at the bank’s headquarters in Abidjan.

The partnership aims to enhance cooperation between AfDB’s Office of Integrity and Anti-Corruption and Interpol’s Financial Crime and Anti-Corruption Centre.

The focus will be on sharing expertise, improving investigative capabilities, and developing strategies to counter cybercrime, money laundering, and terrorism financing.

According to AfDB, Africa loses an estimated $90 billion annually due to illicit financial flows—funds that could be used for essential services such as health, education, and infrastructure.

As an institution that allocates approximately $10 billion annually to development projects, AfDB plays an important role in addressing regional financial challenges.

“This partnership demonstrates our commitment to protecting development resources and ensuring they reach their intended beneficiaries,” Adesina said.

The growing digital economy in Africa has also increased cyber-enabled fraud, including phishing, business email compromise, and online scams.

Urquiza emphasized that addressing these evolving threats requires close cooperation between financial institutions and law enforcement.

“Corruption and financial crime are among the biggest obstacles to economic and social development in Africa and around the world,” he said.