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African Development Bank invests $9b in Africa in 2011

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The African Development Bank says it has invested $8.8 billion into 184 development projects on the continent.

Ms. Cecilia Akintomide, General-Secretary and Vice President of the Bank told journalists at the Bank’s headquarters in Tunis, Tunisia at a press conference that the amount was a 40% increase over the Bank’s operations in 2010.

She said investments spiked in 2009 as a result of the global economic crisis, but did not mention figures. “The year 2009 was an exceptional year,” she said, “because most of the operations were responding to the crisis. However, in 2011 we returned to the usual rhythm of our operations,” she said, adding that the Bank will do a lot to support indigenous African organisations.

The African Development Bank, was established in 1964 with the aim of promoting sustainable economic growth and reducing poverty in Africa.

It says on its website that its mission is to help reduce poverty, improve living conditions for Africans and mobilize resources for the continent’s economic and social development.

By Emmanuel K. Dogbevi, in Tunis, Tunisia

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