AfDB President advocates improved finance for Africa
Mr Akinwumi Adesina, the President of the African Development Bank (AfDB), has called for improved access to financing to accelerate the transformation of African economies.
He said this was likely to improve the quality of life of African populations.
Speaking before African leaders at the Africa-France Summit, which took place in Bamako on January 13- January 14, Mr Adesina said Africa could speed up its economic transformation through the Bank’s five main priorities: “The High 5;” “Light up and power Africa;” “Feed Africa,” “Industrialise Africa,” and “Integrate Africa.”
These five key priorities are aligned with the Sustainable Development Goals (SDGs) and the African Union’s Agenda 2063, as demonstrated by an independent evaluation conducted by the United Nations Development Program (UNDP).
Mr Adesina however noted, in a release copied to the Ghana News Agency that the resources needed for Africa’s economic transformation were enormous and that was why the AfDB was poised to launch the Africa Investment Forum designed to create a space where supply and demand could meet.
Advocating agro-industrialisation and involvement of young people in the sector for the future, he said: “The solution to the migratory crisis is in Africa.”
This was why the Bank launched the “Enable Youth” programme, which would help create 1.5 million jobs in 30 countries, helping to retain young people in Africa.
Mr Adesina also highlighted the need to reduce areas of fragility.
“That is why the Bank launched recently the Forum on Resilience in Africa, which will enable us to achieve the Top Five in 10,000 communities in 1,000 days, with an immediate impact in fragile areas.
“Let’s mobilise and make the High Five reality in order to unleash the potential of Africa,” he said.
The President of the AfDB thanked donors for their commitment to support the African Renewable Energy Initiative, a joint initiative with the African Union that is now fully operational.
Its aim is to accelerate and increase the enormous potential of Africa in the field of renewable energies.
The European Union has already committed €3 billion, plus €6 million from France and €2 million from Germany.