Job Creation, Trade, Top Agenda As Adesina Unveils Plans For Africa

The newly Sworn-In President of the African Development Bank Akinwumi Adesina, has said that the bank will pay attention to the Continent’s infrastructure over the next five years.

Adesina disclosed this on Tuesday during his virtual inauguration at the AfDB head quarters in Abidjan, Cote d’Ivoire.

He said special attention will be given to regional industrial value chains and the strengthening of financial markets in order to expand intra-regional trade and competitiveness, and boost the Africa Continental Free Trade Area.

He said while there are huge challenges such as poverty, inequality, fragility, high youth unemployment, significant infrastructure financing gaps, and sustainable debt management, the bank under his leadership to do all it can to tackle these challenges.

He said, “As we look to the future, let me assure you that the Bank will play a greater role in policy dialogues with countries.

“We will support sustainable debt management, boost green growth and accelerate the promotion of jobs for youth on the continent.

“More than ever before, we will expand partnerships – financial partnerships, knowledge partnerships, and investment partnerships.

“Stronger inclusive partnerships with civil society, academia and knowledge centers of excellence.

We will reach out and tilt more global capital towards Africa — joining investment hands across the globe to support the needs of the continent.”

The AfDB Boss explained that the bank would leverage its brand, its knowledge and resources to deepen the Africa Investment Forum and make it a critical driver for this bold investment partnership to help move Africa forward.

He said, “The Bank’s infrastructure work will focus on economic infrastructure, quality physical infrastructure and quality health infrastructure.”

Adesina said that it was time to help Africa build back boldly, but smartly, paying greater attention to quality growth especially in the areas of health, climate and the environment.

The continent has been negatively affected by the impact of coronavirus pandemic.

But Adesina said the pandemic opens up new opportunities and greater urgency to revive the Continent’s manufacturing capacity.

He added, “As we look to the future, working with the Board of Directors, the Bank will pay increased attention to supporting Africa with quality health care infrastructure, and building on its comparative advantage in infrastructure.”

He also said the concessional lender would look into reviving industrial development, and critically needed industrial value chains.

The AfDB Boss said he would revive the Continent’s industries through enabling infrastructure and policies.

The former Minister of Agriculture said special attention would be paid to regional industrial value chains coupled with the strengthening of financial markets.

He explained that the move would expand intra-regional trade and competitiveness, adding that it would also boost the Africa Continental Free Trade Area.

The AfDB president who admitted that there are greater challenges ahead, noted that the bank would bridge the gap over the next five years.

He assured that the Bank would play a greater role in policy dialogues with countries within the sub-region.

According to the President, the bank would also support sustainable debt management, boost green growth and accelerate the promotion of jobs for the youth in the continent.

He said, “More than ever before, we will expand partnerships – financial partnerships, knowledge partnerships, and investment partnerships. Stronger inclusive partnerships with civil society, academia and knowledge centers of excellence.

“We will reach out and tilt more global capital towards Africa — joining investment hands across the globe to support the needs of the continent.”

According to him, the AfDB would also leverage its knowledge and resources to help do more for Africa.

“We will deepen the Africa Investment Forum and make it a critical driver for this bold investment partnership to help move Africa forward,” he added.