AfDB spends $11.3bn to support African projects in seven years

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The African Development Bank (AfDB) has revealed that it has supported  370 transformative bank projects valued at $11.3bn between 2010 and 2017 across the continent.

In 2018 alone, the pan-African bank approved innovative financial instruments on 65 projects in fifteen countries valued at $2.8bn.

The data was revealed when finance or economic planning ministers of member states of AfDB met with the institution’s president and senior management in Abidjan on Monday.

Speaking at the occasion, the President, AfDB, Akinwumi Adesina, said, “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.”

Meanwhile, the ministers urged the AfDB to be involved in global issues in order to influence and help to shape the conversations around foreign investments, which they highlighted to be institutional capacity building, nutrition, data collection as well as regional integration and digital connectivity.

“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,” Adesina added.

According to the bank, the Senegambia Bridge was financed solely by the bank. The Regional Express Train, the first speed train in West Africa, which was financed by the bank, was inaugurated in Dakar, Senegal.

The bank also reportedly financed the construction of a modern international airport in Ghana. Ghana’s national Cocoa Board received a financing plan of $600m to enable measures to improve productivity and build warehouses.

It stated, “The Desert to Power Initiative, which will develop 10,000 megawatts of solar zone all across the Sahel, will provide electricity for 250 million people, 90 million of them via off-grid solar systems. The project has already started in Burkina Faso with the Yelen solar project.”

Adesina said, “But the needs in Africa are high and we still have a long way to go.”

The AfDB president called for the bank’s board of directors’ authorisation to engage in discussions with its shareholders for a general capital increase.

“Let’s think how much development we want to have in Africa and how much we are willing to pay for it.

“It is not so much what we can afford: it is what Africa deserves. Under-development is more expensive,” he said.

Also speaking at the event, Ghanaian Finance Minister, Kenneth Ofori Atta, acknowledged the bank’s comparative advantage, saying it was about trust: “Africa trusts the Bank,” he said.

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