Over the past nine years, the African Development Bank (AfDB) has invested more than $50 billion in improving infrastructure across Africa, according to AfDB President Akinwumi Adesina.
Adesina, a past minister of Agriculture also highlighted Africa’s economic growth, projected to rise from 3.1 percent to 3.7 percent this year and 4.3 percent next year. Despite challenges like climate change and global inflation, Adesina emphasized Africa’s resilience.
Truth Live News gathered that the International Monetary Fund (IMF) recently approved lending against its Special Drawing Rights (SDRs), potentially unlocking $20 billion for multilateral banks like AfDB. Adesina believes this could lead to $80 billion in new financial support. Despite global challenges, he noted that over half of African countries saw higher economic growth in 2023 compared to 2022, with 10 African countries among the world’s 20 fastest-growing economies.
Adesina outlined AfDB’s financing efforts, totaling over $10 billion in 2023 across its priorities, including energy, agriculture, industrialization, integration, and improving quality of life. Since 2016, AfDB’s financing has impacted over 400 million people. Last year, the bank supported millions of farmers, improved sanitation, transportation, healthcare, and provided access to clean water and finance for enterprises.
To address food security risks posed by global events like the Russian-Ukraine conflict, AfDB launched a $1.5 billion emergency food production facility, reaching millions of farmers and supporting the production of millions of tons of food.
Adesina highlighted AfDB’s significant investments in infrastructure, such as financing railway projects and the development of economic corridors. He also mentioned the bank’s financial strength, maintaining its AAA rating and achieving strong financial records in 2023.
Recently, AfDB issued a hybrid capital on the global market, raising $750 million to expand its lending capacity. To combat climate change, AfDB aims to mobilize $25 billion in climate finance, with a focus on agro-industrial processing zones in collaboration with other development banks.