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.

 


 
 
 
 
 
 
 
_________________________________________________

September 2017 Edition

 
 
_________________________________________________

Translater


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Human Capacity 26 August 2017 Ambassador LIN Songtian of the Peoples Republic of China (PRC) to South Africa (SA) outlined China’s policy and vision and how it is developing to position China as... <|> India’s Foreign Policy Analysis:  Modi Doctrine a book authored by Dr. Sreeram Chaulia This month in an exclusive interview The Diplomatic Society Global Editor Srimal Fernando engages Dr.... <|> Progress made in Libya talks 12 September 2017 President Jacob Zuma has commended the progress made towards the resolution of conflict in Libya. The President was on a working visit to Brazzaville... <|> Egypt Candidate for UNESCO 12 September 2017 Egypt Special Envoy has started an African tour to convey the Egyptian government's thanks for the African countries support to Minister Moshera Khattab... <|> 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... <|> Iran-South Africa cooperation promote global peace 12 September 2017 Iranian President Hassan Rouhani says cooperation between Iran and South Africa can play a prominent role in promoting peace... <|> South Africa and Vietnam accelerate trade 12 September 2017 South Africa and Vietnam have agreed to fast track trade relations. This emerged during SA Minister of International Relations and... <|> BRICS: Stronger Partnership for a Brighter Future 12 September 2017 The 9th BRICS Summit was successfully held in Xiamen, China from 3 to 5 September 2017. Chinese President Xi Jinping chaired the... <|> Seeking trade opportunities in Russia 11 September 2017 Local companies have been urged to look for trade opportunities in the Russian market. Minister Plenipotentiary at the South Africa Embassy... <|> Seeking study opportunities 14 September 2017 A delegation from China recently visited the Pearson Institute for Higher Education in Ashlea Gardens Pretoria, to talk about study opportunities for... <|>
© copyright 2011-2017| The Diplomatic Society| All Rights Reserved.