The two organisations will work together to develop a safe and secure aviation industry to support the country’s economic development.
IATA director general and CEO Alexandre de Juniac said: “Aviation in Africa currently supports $72.5bn in economic activity and 6.8 million jobs.
“Over the next 20 years, aviation is forecast to grow at nearly 6% per year. This creates significant opportunities. But achieving this potential will not happen by chance; strong partnerships are key.
“The MoU with AfDB will help facilitate the growth and development of Africa’s aviation industry. In so doing, it will expand prosperity and change peoples’ lives for the better in the continent’s 54 nations.”
Both IATA and AfDB intend to create and implement several programmes and projects, including technical cooperation for increasing air travel capacity.
Primary areas of development will include enhancing connectivity, safety, and aviation infrastructure in the continent.
AfDB president Akinwumi Adesina said: “The aviation sector is especially important as it opens up doors to investors.
“Very few invest where it’s difficult to travel to. That’s why ease-of-access via air travel is strongly correlated to economic growth. We must make regional aviation markets competitive and drive down costs, raise efficiencies, and improve connectivity and convenience.”