The Diplomatic Society

 
  • Increase font size
  • Default font size
  • Decrease font size

African Development Bank: Agenda for Changing Lives and Transforming Africa  

By Srimal Fernando, Global Editor
 
Photo: The president of the African Development Bank (AfDB) Akinwumi Adesina of Nigeria

The story of 1.2 billion people living in 54 nations in the African continent is poised to change considerably and could be the big story of the next decade.  South Africa, Nigeria, Egypt and Algeria are among the largest economies on the continent (International Monetary Fund, World Economic Outlook 2015).

However political, economic, and social transformation varies greatly among African countries. Looking into the very largely rural, agricultural and mineral rich African continent, which has developed at an alarming pace in recent years and yet the latest global poverty trends show the incidence of poverty remains unacceptably high in certain African countries.

In this context, the African Development Bank Group (AfDB)  plays a vital role in supporting  African countries by providing a safe foundation for economic growth progress that contributes towards social stability and helping  foster Africa's growth agenda. In addition, African Development Bank (AfDB)s forty years of experience has demonstrated the ability to finance over 2800 operations amounting to US$ 47.5 billion dollars helping millions of people in African countries (the South African  Development Community, 2007).

Speaking at the African Economic Conference held in Abuja, on 5 December 2016, Dr. Akinwumi  Adesina, President of African Development Bank  said, “Our goal is simple: support massive agro-industrial development all across Africa. To make this happen, there is a need for well-directed public policies to incentivize the agricultural sector, especially agribusiness and food manufacturing companies.’
 .
Established in 1964 the African Development Bank Group (AfDB) is based in Abidjan in Ivory Coast. The African Development Bank Group is made up of the African Development Bank (ADB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTT) coming into force in the mid-70s.

Today, in order to fulfill its many functions on the African continent, the African Development Bank Groups’ objective is to spur sustainable economic development and social progress in its regional member countries (RMCs), thus contributing to poverty reduction. Over the next 10 years the AfDB intends to pay particular attention to supporting fragile states, strengthening agriculture and food security, and increasing the capabilities and opportunities of women and girls.

As of 2014, the AfDB approved US 2.50 billion in loans and grants focusing ON sectoral investment to develop infrastructure in African countries to face future challenges. As part of its strategy,  a significant  impact was  observed  on  the  ongoing initiative to support  agricultural  and rural development by extending US 488.3 million to enhance  the  nature of the farming  sector in Africa (African Development Bank Group 2016).

Over the decades, numerous success stories have been witnessed by the African Development Bank Group (AfDB). The years 2016 represents an important milestone for AfDB in Africa’s growth story. To ensure future success of the region the AfDB funded the Multinational Uganda-Rwanda Busega-Mpigi express highway project with a loan of US$ 151 million, the second phase of the Egypt Economic Governance and Energy Support Program was financed with a US$ 500 million and the African Development Bank (AfDB) partly financed Ethiopian Airlines expansion plan and a fleet to modernization program with US$ 159 million dollars (African Development Bank Group 2016).

In fact, renewable energy can play an important role in meeting the demand for electricity in Africa. AfDB reached remarkable achievements in South Africa, where the bank financed US$ 50 million out of 95 million in a wind energy farm to provide electricity for more than 120,000 homes. In Africa today 300 million people lack access to adequate water supply and sanitation facilities. An agreement was signed between the African Union and African Development Bank in 2014 to improve access to rural water supply and sanitation for 5 million people (African Development Bank Group 2016).

AfDB has published a number of policy documents over the course of the last few years. Feed Africa- Strategy for Agricultural Transformation in Africa 2016-2025 analyses the conditions in African countries   and provides insights into the progress made towards achieving Sustainable Development Goals (SDGs).

As a new driver of growth, the financial institution is a vital part of the overall development of Africa. The Financial institution’s commitment had shown much improvement on most fronts of development in the continent.

 


 
 
 
 
 
 
 
_________________________________________________

July 2017 Edition

 
 
_________________________________________________

Translater


 
 
 
 
 
 
 
 
 
 
 

The Cultural Consulate of the Embassy of Iran promotes peaceful religious co-existence Emmanuel Uniting Reformed Church in Southern Africa welcomed the Cultural Consulate of the Embassy of the... <|> Canada at 150: A look at Global South Foreign Relations with Canada By Srimal Fernando, Global Editor The Diplomatic Society 2017 is a significant year in many ways.  Hundred and fifty years... <|> Sri Lankan companies participate in International Trade Exhibition in South Africa 4 July 2017 Once again Sri Lankan companies participated in the annual International Trade Exhibition in South... <|> Vietnam Trade delegation in South Africa 4 July 2017 In June a Vietnamese businesses delegation led by Mr. Ngo Khai Hoan, Deputy Direct for Africa- ministry of Trade and Industry participated in... <|> Easing travel regulations between South Africa and Kenya 3 May 2016 South Africa and Kenya have announced measures that will make travelling between the two countries easier. South African Home... <|> 29th Summit of the African Union Addis Ababa, Ethiopia, 04 July 2017 The 29th Ordinary Session of the Summit of the African Union has come to close after 9 days, during which various statutory... <|> South Africa Celebrates the 30th Anniversary of the Dakar Conference by Kgomotso Kgoale In 1987 the ANC (African National Congress) and IDASA (The Institution for Democratic Alternatives in South... <|> Canada at 150 30 June 2017 H.E. Sandra McCardell, High Commissioner of Canada to South Africa, hosted a reception on the occasion of Canada Day. In welcoming guests High Commissioner McCardell... <|> Ukraine Constitution Day 2017 The Constitution Day of Ukraine was celebrated at the Embassy of Ukraine in the Republic of South Africa on 27 June 2017. Photo: Pictured at the reception are Mr.... <|> The 20th anniversary of Hong Kong's return to the motherland On July 1st, Chinese President Xi Jinping delivered a speech at the meeting celebrating the 20th anniversary of Hong Kong's return to the... <|>
© copyright 2011-2017| The Diplomatic Society| All Rights Reserved.