Re-elected President of the African Development Bank Group (AfDB), Akinwumi Adesina has promised to give more support by providing quality growth to ensure that the continent’s infrastructure gap is reduced.
During his inaugural address on Tuesday, Dr Adesina pledged to expand partnership that tilt more attention to Africa, and assured that his administration will focus on the institution, people, delivery, and sustainability.
“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. Now we must help Africa build back boldly but smartly, paying greater attention to quality growth, especially in the areas of health, climate, and the environment.
“As we look into the future, working with the board of Directors, the bank will pay increased attention to supporting Africa with quality healthcare infrastructure and building on its comparative advantage in infrastructure. The bank’s infrastructure work will focus on economic infrastructure, quality physical infrastructure in health,” he added.
The AfDB President also stated that the pandemic has provided new opportunities for additional growth trajectory in Africa, and maintained that it is crucial that all the necessary support is received to bridge the gaps caused by the challenges.
“Covid-19 also opens up new opportunities and a greater sense of urgency to build Africa’s manufacturing capacity, industrial development, and critically-needed industrial value-chains that must be supported by enabling infrastructure and policies.
“Special attention will be given to regional industrial value chains and strengthening of financial markets in order to expand the intraregional trade and competitiveness and to boost Africa Continental Free Trade Area.”
“Your Excellency, let there be no doubt the challenges ahead are still many including poverty, inequality, fragility, high youth unemployment, significant infrastructure financing gaps, and sustainable debt management.
“As we look into the future, let me assure you, the bank will play a greater role in policy dialogue with Countries. We will support sustainable debt management, boost green growth, and accelerate the provision of jobs for youth on our beloved continent,” he stressed.
Dr Adesina, Nigeria’s former Minister of Agriculture and Rural Development, was re-elected as AfDB President on August 27 to serve a second five-year term, after a unanimous vote of all Governors, regional and non-regional members of the Bank.
