AfDB seeks increased funding for Africa’s development projects
The Africa Development Bank (AfDB) has called on its partners and shareholders, particularly the Ministers and Governors of the Bank from West and Central Africa, to see to the success of its General Capital Increase.
The call, re-echoed at the 2018 Diplomatic Luncheon, in Abidjan, Côte d’Ivoire, has become necessary given huge development projects it plans to execute this year and the need to ramp up support to Africa for the Sustainable Development Goals (SDGs).
The bank’s President, Akinwunmi Adesina, who made the disclosure, explained that the region’s lender reforming, changing, delivering and leading development agenda for the continent.
He noted that years ahead are exciting with its “Feed Africa” work that will allow 45.8 million persons to benefit from improved access to agricultural technologies; and “Integrate Africa High 5”, which will provide 50 million Africans with improved access to transport;
Also, “High 5 on Industrialising Africa” will enable seven million people to benefit from investee projects and “High 5 on Improving the Quality of Life” will provide 36.8 million persons with improved access to water and sanitation.
“The support of all shareholders will be crucial for the General Capital Increase of the bank. The bank should do more for Africa and we are working extremely hard to revamp the bank, and put it in a much stronger position, with more highly capable staff and institutional capacity to deliver more … better and faster.
“Our ability to deliver in the past and now is a good indication that you can depend on us to deliver more in the future. In 2017, the bank achieved impressive development impacts on the ground, which is what matters most. Our “Light Up and Power Africa” reached 4.4 million people with access to electricity.
“Our Feed Africa High 5 reached 8.5 million Africans with access to improved agriculture technologies. Our Integrate Africa High 5 provided 14 million Africans with improved access to transport.
“Our Industrialise Africa High 5 provided 210,000 small businesses with access to financial services. And our improving the quality of life High 5, provided 8.3 million Africans with improved access to water and sanitation,” he said.
Adesina noted that a list of the bank’s achievements so far is impressive and a reason for more investment by shareholders in the financial institution will help to further accelerate Africa’s development.
He also disclosed that to mobilise African and global pension funds, sovereign wealth funds and institutional investors, to invest in Africa, the bank has launched the Africa Investment Forum (AIF) to be held November 7-9 in Johannesburg, South Africa.
According to him, the forum will be a totally transactional forum and is expected to become Africa’s premier investment market place, even as several multilateral development banks have already joined with the Bank on this landmark platform to accelerate private investments.
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