AfDB2019: Yet Africa needs more and Africa deserves more! –Adesina

12Jun 2019
Angel Navuri
The Guardian
AfDB2019: Yet Africa needs more and Africa deserves more! –Adesina

 African Development Bank has introduced several balance sheet optimization initiatives that have generated global attention, President Dr .Akinwumi Adesina made the announcement during the opening of the 2019 AfDB Annual Meetings that are currently underway in Malabo, Equatorial Guinea.

President Dr .Akinwumi Adesina.

“The initiatives also includes the Room to Run instrument that sold off some of the risks on our loan books to the private sector in a $1 billion initiative - the first by any Multilateral Development Bank” said Adesina

He said that it's not just about money. It's all about development impact. In the past three years, the Bank has steadily delivered significant impacts:

Giving details Adesina mentioned it has connected about 16 million people to access electricity; 70 million people with access to agricultural technologies to achieve food security; 9 million with access to finance from private sector companies; 57 million with access to improved transport; and 31 million people with access to improved water and sanitation services.

“Yet Africa needs more and Africa deserves more! The time is right to do more for Africa. We cannot postpone what is good for Africa into the future” he noted

He further said as Africa’s Bank, it will continue to push for greater results, more development and better quality of life for Africans.

Highlighting that the Bank is seeking your strong support for the General Capital Increase of the African Development Bank and replenishment of the African Development Fund.

“We are grateful for the strong support you gave at the conclusion of the Third Governors' Consultative Committee meeting yesterday on the 7th General Capital Increase for the Bank. And in July we will also meet with our donors for the 15th replenishment of the African Development Fund”

Meanwhile African and non-regional donors on Tuesday pledged $17 million to replenish the Africa Solidarity Trust Fund, an initiative which aims to provide food security and eliminate rural poverty on the continent.

The pledges were made at a high-level donor round table convened by the United Nations Food and Agriculture Organisation (FAO) and Equatorial Guinea President Obiang Nguema Mbasogo, on the sidelines of the African Development Bank’s 2019 Annual Meetings

Opening the conference at the Sipopo conference center Equatorial Guinea President Obiang Nguema Mbasogo said the Fund illustrated “a turning point in the fight against food insecurity” and said his tiny oil-rich nation had donated generously out of its oil revenues to show solidarity to African countries.

The Fund, an initiative of the United Nations Food and Agriculture Organisation, received its start-up contribution of $30 million from Equatorial Guinea, the host nation of this year’s meetings and Angola, which gave $10 million. Its projects have been lauded for providing innovative solutions for African agriculture and food systems.

Speaking on behalf of African Development Bank President Akinwumi Adesina, Bank Vice President Agriculture, Human and Social Development, Jennifer Blanke said Africa faced challenges in the area of agriculture and food production, relying heavily on food imports.