Dr. Akinwumi Akin Adesina, President of the African Development Bank (AfDB) Group, said the Bank is poised to lift millions of Africans out of poverty through its African Development Fund (ADF).
The Fund was established by the Bank Group to provide concessional loans and grants to regional member countries for studies and capacity building in support of projects and programs aimed at stimulating poverty reduction and development. economic development.
Dr Adesina said the Fund would leverage its $25 billion equity fund to generate more funds with its partners to support projects and programs in agricultural mechanization, road infrastructure, health and renewable energies.
Other areas the Fund would support include water supply and sanitation, climate change adaptation, human capital development, gender, and information and communication technology (ICT).
It is about ensuring that millions of Africans are lifted out of poverty, while supporting sustainable growth on the continent, which is the second largest and second most populous in the world.
He said: “The Fund has $25 billion in equity. We have spoken to our partners to invest even more and use this $25 billion to mobilize about $30 billion and therefore to create more hope across Africa.
“As we celebrate ADF at 50, there is still much more hope for us; there is still a lot to do, because there are many who hope that one way or another their lives will come out of the pots of poverty,” he added.
He said this at an event marking the Fund’s Golden Jubilee celebration on the sidelines of the AfDB’s 2022 Annual Meetings in Accra, Ghana.
Dr. Adesina recounted ADF’s progress since its inception 50 years ago, just from expanding economic opportunities for millions of people, reducing inequality, fragility and supporting access to water for many Africans.
Among the successes that the Fund recounted by Dr. Adesina are connecting 15.5 million people to electricity, providing water and sanitation facilities to 42 million.
It has also given 74 million people better access to agriculture and provided 50 million people with access to transport.
Jessica Isaacs, Senior Advisor at the AfDB, said: “The ADF has delivered tremendous results over the past 50 years, and it is an essential partner for donors who want to be partners in a vision led by the Africa for stable and sustainable growth.
“One of the things I really like about this event is that we got to meet Selina and learn about the women’s association. It really shows who it’s for,” added Cheryl Urban, Director General, Economic Development, Global Affairs Canada.
The African Development Fund was established in 1972 to promote economic and social development in the lives of people in fragile and low-income African countries.
Since its inception, it has invested more than $45 billion in more than 2,750 projects in 40 countries to help transform the lives of people in the continent’s low-income and fragile economies.