Posted on May, 30, 2024 at 10:28 am
The cool Nairobi air buzzed with anticipation as leaders, policymakers, and stakeholders from across the African continent and beyond gathered at the Kenyatta International Convention Centre, in Kenya’s capital today. The opening ceremony of the African Development Bank’s (AfDB) Annual Meetings 2024 was not just an ordinary event; it marked a turning point in the institution’s history—its 60th anniversary. Against this historic backdrop, Dr. Akinwumi Adesina, the President of AfDB, delivered a powerful speech that painted a vivid picture of Africa’s resilience and future aspirations amidst global challenges.
This year’s gathering reflected on the resilience and optimism of African nations even as they navigate a complex global environment. Dr. Adesina began by acknowledging the significant hurdles that Africa is facing—geopolitical tensions, global inflation, rising debt, and the ever-looming threat of climate change. Yet, his message was clear: Africa is not only surviving but thriving.
“African economies are showing remarkable resilience despite these challenges,” he noted. Highlighting a projected rise in Africa’s real GDP growth from 3.1 per cent in 2023 to 4.3 per cent by 2025, Dr. Adesina underscored the continent’s potential for economic recovery and growth.
The 60th anniversary of the AfDB was also a moment of reflection and celebration. Dr. Adesina paid tribute to the founding fathers of the Bank and lauded the unwavering support from African heads of state and governments.
“We are inspired by their vision and mindful of our role within the global financial architecture,” he said, reinforcing the Bank’s commitment to mobilizing resources for Africa’s development.
One of the most poignant parts of Dr. Adesina’s speech was his focus on climate change—a crisis that Africa faces disproportionately. He spoke about the devastating impacts of climate change, from droughts and floods to cyclones and unpredictable weather patterns, which have resulted in significant loss of life and property.
“We must be resolute about taking decisive action to build more climate-resilient economies,” he urged. Dr. Adesina applauded President William Ruto of Kenya for hosting the Africa Climate Summit last year, a landmark event that underscored Africa’s central role in global climate adaptation efforts. His words were a clarion call for collective action and innovation to combat climate challenges head-on.
Dr. Adesina’s speech also highlighted the tangible impacts of AfDB’s initiatives, particularly through its “High 5” priorities—Light Up and Power Africa, Feed Africa, Industrialize Africa, Integrate Africa, and Improve the Quality of Life for the People of Africa.
“In 2023, our financing totaled over $10 billion across all our High 5 priorities,” he announced, noting that these initiatives have positively impacted the lives of over 400 million people since their inception in 2016.
The President detailed the changes these investments have brought about, from improved agricultural technologies for 11 million farmers to new sanitation facilities for 8 million people.
Reflecting on the food security challenges exacerbated by the Russian war in Ukraine, Dr. Adesina recounted the swift actions taken by AfDB. The $1.5 billion emergency food production facility launched by the Bank has supported 10.5 million farmers, resulting in the production of 26 million tonnes of food, valued at $10.79 billion.
This initiative, complemented by additional support from international partners, has been instrumental in reducing Africa’s food dependency and ensuring stability.
Read also: Lobito Corridor: a US-backed mining catalyst in DRC and Zambia
Infrastructure development is at the heart of AfDB’s mission, and Dr. Adesina shared key milestones achieved in this sector so far. “In the past nine years, we have invested well over $50 billion in infrastructure projects on the continent,” he said, listing major projects such as the East Africa standard gauge railway, the Lobito corridor, and the Lagos-Abidjan corridor. These projects are not just about connectivity; they symbolize the integration and unity essential for Africa’s economic growth.
Dr. Adesina also reported on the financial robustness of the AfDB, which has maintained its AAA rating and achieved significant financial growth. The Bank’s innovative financial instruments, such as the $750 million hybrid capital, are set to expand its lending capacity and support for member countries. “We are at the forefront of several financial innovations to optimize our balance sheets and raise more financing,” he said.
The importance of global partnerships was a recurring theme in his speech. Dr. Adesina spoke about the collaborative efforts with the G20, the International Monetary Fund (IMF), and other international bodies to reform the global financial architecture and mobilize resources for Africa. These collaborations are not just about financial aid but also about sharing knowledge, expertise, and technologies that can drive sustainable development.
Empowerment was another cornerstone of Dr. Adesina’s speech. He highlighted initiatives such as the Affirmative Finance Action for Women in Africa (AFAWA), which has approved $1.7 billion in financing for over 18,300 women-owned businesses. Similarly, the Youth Entrepreneurship Investment Banks are creating wealth and opportunities for Africa’s burgeoning youth population.
Read also: AfDB commits $2 billion to revolutionise clean cooking in Africa, save forests
Part of his speech was dedicated to addressing the issue of clean cooking solutions for women in Africa. The AfDB’s commitment of $2 billion towards clean cooking solutions aims to improve the lives of 1.2 billion women, reducing health risks and environmental impact. “It is about life itself. It is about dignity for women,” he stated, drawing applause from the audience.
As Dr. Adesina concluded his speech, the atmosphere was charged with a collective sense of determination and optimism. He painted a future where Africa is not just a participant in the global economy but a leader in innovation, resilience, and sustainable development. His words resonated deeply, leaving an indelible mark on all who were present.
Source: The Exchange