AfDB expends $11.3bn in support of projects across Africa

The Africa Development Bank (AfDB) has invested as much as $11.3 billion to support some transformative projects in the African banking industry.

This was the talking point in Abidjan, Monday, during a consultative meeting held between the Governors of AfDB’s West African regions and the Bank’s President, Mr Akinwunmi Adesina.

Although the nature of the projects are not exactly clear, participants at the Abidjan meeting unanimously agreed that the projects were helping to “change lives”.

Even the AfDB President (Mr Adesina) agreed. In his opening statement during the occasion, he expressed his optimism for an accelerated development in Africa, even as he edged the AfDB regional governors to take charge towards actualising growth.

“our ultimate goal is to ensure that the governors are much closer to the bank, and that you are integrally involved in the wider vision and direction, particularly as it pertains to the challenges and needs of your respective regions.

“today, i am filled with hope; hope because africa is changing; hope because across the continent, despite challenges, you can see a rising determination to turn things around.”

New focus areas identified 

Meanwhile, stakeholders used the consultative forum to clamour for the AfDB to dedicate more resources to “fragile states”, women, and the fight against climate change.

They also spoke on the need for the AfDB to become more involved in global issues, in order to influence global economic conversations; especially as it pertains to Africa.

After all, as the economic arm of the African Union, this is one of the core functions of the Bank.

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Meanwhile, commenting later on during the meeting, Mr Adesina stressed that last year witnessed a lot of flagship projects by the AfDB.

“2018 was a strong year for flagship projects and innovative financial instruments with 65 projects, in 15 countries valued at $2.8bn approved for the region.”

But despite the successes so far recorded, Africa is a continent with many needs; meaning that more effort is needed.


Source: Nairametrics

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