AfDB will target global markets to leverage resources for Africa – Adesina
Dr Akinwumi Adesina, president of the African Development Bank Group (AfDB), said the AfDB plans to make a strong case to be allowed to use the equity of the African Development Fund (ADF) to go to the market to raise resources to support Africa’s developmental agenda.
Adesina is in Ghana for a one-day working visit ahead of the AfDB’s annual general meetings which is scheduled to take place in Accra from 23 to 27 May 2022.
He said the ADF has so far provided about USD$45 million to support developmental projects in low-income countries and going forward, the bank will seek to shore up its support for Africa.
As part of his visit, he paid a courtesy call on President Akufo-Addo at the Jubilee House Wednesday (11 May 2022), to brief him on the agenda of the forthcoming annual meetings and to discuss all the preparatory work underway for the meetings.
Leverage more resources
In his brief remarks, Dr Adesina told President Akufo-Addo that “the annual meetings of this year (2022), are special, indeed, very special, as they also mark the 50 anniversary of the African Development Fund,” which the bank refers to as ADF.
“Since its establishment, the African Development Fund has provided financing of USD$45 billion to low-income countries and as you know, Ghana is an ADF beneficiary.”
“At this year’s annual meetings, the bank will be making a very strong case for the African Development Fund’s 16th replenishment and the African Development Fund to be allowed to use its equity to go to the market to leverage more resources for African countries,” Dr Adesina said.
High-level participation
The AfDB boss in his address noted that, apart from President Akufo-Addo, who is the host head of state, some 10 other presidents have confirmed their participation in the annual meetings in Accra.
Among them are the President of Senegal and Chairman of the African Union, Macky Sall, President of Nigeria, Muhammadu Buhari, President of Côte d’Ivoire, Alassane Dramane Ouattara and President of Rwanda, Paul Kagame.
The rest are President of Kenya, Uhuru Muigai Kenyatta, President of Mozambique, Filipe Jacinto Nyusi, President of Central African Republic, Faustin-Archange Touadéra, Prime Minister of Ethiopia, Abiy Ahmed Ali, President of Niger, Mohamed Bazoum and President of Comoros, Azali Assoumani.
The AfDB boss stated in his remarks that for its agenda of using its equity to leverage resources to be successful, the “personal advocacy” of President Akufo-Addo, “along with the other heads of state and governments will be absolutely critical”.
