By Adedapo Adesanya
The head of the African Development Bank (AfDB) Group, Mr Akinwumi Adesina, has lauded the lender’s contribution to the continent’s development as it marks its 60th anniversary in Abidjan, Cote d’Ivoire.
He spoke on the second and official day of the bank’s Diamond Jubilee festivities at the institution’s headquarters on Tuesday, September 10, describing the event as a “day of joy”, praising President Alassane Ouattara as “a pillar of extraordinary support.”
Mr Adesina paid tribute to the bank’s achievements since its inception in Abidjan in 1964 and celebrated how the financial institution has supported over 6,575 projects across the continent, adding that in the last 10 years alone, it has invested $77 billion across 3,000 projects to become Africa’s most trusted development partner.
The former Minister of Agriculture in Nigeria narrated how in 2019 President Ouattara helped the bank secure a general capital increase of $115 billion – the largest increase in its history, a move that saw the bank’s total capital rise to $318 billion earlier this May.
“This provides the firepower to do more for Africa”, said Mr Adesina: “We are today a bigger, bolder and better bank better positioned to meet Africa’s future needs and challenges, to fast-track Africa’s development.”
“Following my election as President in 2015, during my first term, I made a case for a stronger bank with financial resources to help implement and scale up our High 5s: To light up and power Africa; To feed Africa; To industrialize Africa; To integrate Africa; To improve the quality of life of the people of Africa,” Mr Adesina said.
“In the past 9 years, we have provided over $55 billion in support of infrastructure, from energy to roads, corridors, seaports, airports, rail, digital infrastructure, water and sanitation. Today, the bank is the largest multilateral financier of infrastructure in Africa,” he added.
Mr Adesina added that in the last eight years, the bank’s work has impacted the lives of over 400 million people across Africa.
He noted how 52 per cent of Africans now have access to electricity compared to 25 per cent in 2016 and how the $20 billion desert-to-power project in the Sahel will help deliver 10,000 megawatts of electricity for 250 million people across the 11 countries.
He also celebrated the bank’s mobilisation of $72 billion to help unlock Africa’s agricultural potential at the Feed Africa Summit in Dakar, Senegal, and its work to support Africa’s efforts to cope with climate change, mobilising $25 billion through its Africa Adaptation Acceleration Programme and $14 billion through its Climate Action window.
“This celebration is a call to action to build the Africa we want to see. May the African Development Bank keep scoring development goals for Africa,” he charged.
On his part, President Ouattara also lauded the bank for its role on the continent.
“This is a historic milestone and a cause for celebration, but it is also an opportunity to see that the African Development Bank has financed some pivotal infrastructure and helped improve the living conditions of millions of Africans. The bank is a source of pride and hope for Africa,” he said.
However, President Ouattara added that there was still work to do.
“Our bank is a steadfast support in times of crisis. Africa still has floods and wars and hunger is rife. Therefore the Bank must do even more and encourage states to invest more across climate, agriculture, wars and endeavour to pursue peace and democracy to bring these wars to an end,” he said.