African Development Bank President Dr. Adesina A.Akinwumi reveals strategies for his next 5 years term
RegionWeek Newsletter Vol III, Issue #116 | Tuesday, Spetember 1, 2020
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Dear Readers,
This Tuesday, September 1st, 2020, Dr. Akinwumi Adesina begins his second five-year term as the President of the African Development Bank Group with a renewed mandate to foster sustainable development on the continent.
As newly re-elected President, Dr. Adesina, a former Nigerian Minister of Agriculture, said he is exceedingly grateful: “You elected me with 100% of all the votes of regional and non-regional shareholders of the Bank — without any exception. This is unparalleled in the Bank’s 56-year history.” he added
In his inaugural speech this Tuesday, Adesina outlined a renewed vision to build a much stronger and resilient African Development Bank Group, with the leadership and capacity to deliver greater quality impacts for Africa, while remaining financially strong and sustainable.
To achieve this, he said he would focus on building a stronger institution, strengthen human capacity, enhance effectiveness, deepen quality and impact, and maintain financial sustainability.
1. We’ve achieved impressive results!
His speech was also an opportunity to highlight the achievements recorded under his leadership, he reminded.
“The Bank’s High5 programs have impacted 335 million people. That’s what the African Development Bank – your Bank - is all about … ‘people impact’.”
Over the past five years, the Bank has delivered impressive results on this High 5s:
18 million people with access to electricity
141 million people had access to improved agricultural technologies for food security
15 million people with access to finance from private investments
101 million people with access to improved transport from infrastructure
60 million people with access to water and sanitation
The Bank has maintained its AAA-ratings by all major global credit rating agencies for five years in a row. The Board of Governors of the Bank Group approved a 125% increase in the General Capital of the Bank, raising its capital from $93 billion to $208 billion, the largest in the history of the Bank.
The African Development Fund received a $7.6 billion pledge from donors, a 32% increase, for support to low-income countries and fragile states.
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2.The establishment of Youth Entrepreneurship Investment Banks
For Dr. Adesina, the shadows of youth unemployment and migration out of Africa must give way to a glowing light of successful youth-driven businesses across Africa. Africa’s youth must stay in Africa, develop Africa, and project Africa’s future.
“We will ensure that Africa’s youth potential is fully unleashed. In this regard, the Bank will support the establishment of Youth Entrepreneurship Investment Banks. Banks that will help to mobilize and deploy capital to drive the entrepreneurship of the youth of Africa — in ways that are systemic, scalable, and sustainable.” -He revealed, noting the importance to build on the great successes in agriculture, especially by scaling up technologies to reach tens of millions of farmers and supporting Africa to build competitive agricultural value chains.
3. Strategies amid Covid-19 pandemic
Dr. Adesina who has distinguished himself in driving a bold agenda to reform the Bank and accelerate Africa’s development acknowledges that COVID-19 opens up new opportunities and a greater sense of urgency to build up Africa’s manufacturing capacity, industrial development, and critically needed industrial value chains.
His new strategy will allow the Bank’s infrastructure work to focus on economic infrastructure, quality physical infrastructure, and quality health infrastructure.
“The COVID-19 pandemic has changed everything globally. It has thrown Africa’s growth back. The continent has lost gains and economic growth that were achieved over the last decade. Africa’s recovery will therefore be long and challenging. 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 emphasized
He said that all shareholders must help Africa build back boldly, but smartly, paying greater attention to quality growth: especially in the areas of health, climate, and the environment.
4. African Leaders support!
African leaders in a virtual meeting reaffirmed their support for the African Development Bank Group and its leadership under Dr. Akinwumi Adesina. President Buhari noted that the unanimity of Adesina’s reelection was a vote of confidence in his leadership and programs, especially the Bank’s High 5 priority agenda.
If diligently implemented, the High 5s will help Africa to meet most of the Sustainable Development Goals of the UN.
“Under your leadership, the Bank has made admirable progress and we are confident that this gain will be consolidated and scaled up in the next five years,” Buhari said in a message presented on his behalf by the Bank’s Governor for Nigeria.
There were solidarity messages also from former Nigerian President Goodluck Jonathan and former Vice President Atiku Abubakar, under whose government Adesina served as Agriculture Minister. Messages also poured in from regional bodies, including the African Union Commission, the Common Market For Eastern and Southern Africa (COMESA), ECOWAS, and the New Partnership for Africa’s Development (NEPAD).
Thanks for reading!
Fabrice Iranzi, RegionWeek.com
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