The President of the African Development Bank (AfDB), Dr Akinwumi Adesina, says the bank will support regional infrastructure to help make the African Continental Free Trade Area a reality.
This is contained in a statement issued by the bank on Thursday.
Adesina made the remark at Abidjan, Cote d’Ivoire, during the 5th Extraordinary meeting of the Board Governors.
“This kind of rapid progress and success that we see in Africa that beckon and inspire the African Development Bank to do all possible to fast track Africa’s growth and development,” he said.
Adesina said through the bank’s support, it has built a lot of infrastructure and provided support for the bold efforts of President Ouattara’s accelerated government social inclusion policy.
He said the Board of Directors, their Advisors together with the Management of the Bank, have worked as a cohesive team, with one goal “to get us together to the final destination”.
Adesina said the strong waves of support from the shareholders that have powered hope, inspired engagement and guided our ship to navigate to the shores of the AfDB headquarters.
He said with the decision on the General Capital Increase, the bank will refuel its historic moment, for a historic decision which will reverberate around the world and it will help us take a giant leap forward for Africa.
“Also with their support the bank has delivered impactful results on the ground, through our High 5s by helping to connect.
“They are: 16 million people to electricity, 70 million people with agricultural technologies for food security, nine million people with access to finance through private sector investee companies.
“Also, 55 million people with improved transport services and 31 million people with access to water and sanitation,’’ he said.
The AfDB president said they had maintained the AAA rating of the Bank, even when times were tough, Canada came up with $1.1 billion temporary callable capital, Sweden came up with $500 million additional temporary callable capital.
Adesina said all shareholders rallied around the Bank to ensure that discussions on the general capital increase progress positively, collectively and relentless support steadied us.
The AfDB president said with continues support they would reach the summit where “we can, together, see the Africa we want’’.
“With the General Capital Increase, we will be able to fully develop the Desert to Power initiative that will provide access to energy for 250 million people all across the Sahel, in what will become the world’s largest solar zone.
“We will implement the Affirmative Finance Action for Women in Africa (AFAWA) to deliver $3 billion of new financing for women.
“We will double our climate finance to $25 billion by 2025,” Adesina said.
He said the bank would support countries to establish Special Agro-industrial and Lagos-Abidjan highway.
He said “we would add value to agricultural commodities and Africa Investment Forum; we will drive more private investments to Africa’’.
He said Côte d’Ivoire recently qualified to move to the ADB window of the Bank, the first time in the history of the Bank for a country to move from fragility to the non-concessional window, describing it as “impressive speed, extraordinary achievement’’.
He had earlier commended the president of Cote d’Ivoire for his commitment, support in all matters that have to do with Africa and the African Development Bank Group and hosting the meeting.
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