Dr. Akinwumi Adesina, President of the African Development Bank (AfDB) Group says he will build a much stronger and more resilient bank to deliver higher quality impacts on Africans.
Adesina made the promise while delivering her inaugural address during a virtual swearing-in ceremony for the AfDB president on Tuesday in Abidjan, Côte d’Ivoire.
The AfDB president said this would be done with the leadership and capacity of the bank, while remaining financially sound and sustainable.
He said the bank, for the next five years, would focus on institution, people, delivery, and sustainability.
“Each of these is summarized in the following five areas that combine with the programmatic High 5 to transform Africa’s development landscape.
“Build a stronger institution; strengthen human capacity; improve efficiency; deepen quality and impact; and maintain financial sustainability, ”he said.
He said the bank’s High 5s, which were developed to accelerate the implementation of the 10-Year Strategy, had been implemented with deliberation, speed and rigor.
The High 5 are Light up and Power Africa; Feed Africa; Industrialize Africa; Integrate Africa; and improve the quality of life of the African population.
He said that over the past five years, the bank’s High 5 programs had impacted 335 million people, adding that the bank was all about impact on people.
“The bank has obtained impressive results in these High 5: 18 million people with access to electricity; 141 million people had access to improved agricultural technologies for food security;
“And 15 million people with access to financing from private investments; 101 million people with access to improved transportation from infrastructure; and 60 million people with access to water and sanitation, ”he said.
Adesina said that UNDP had shown that achieving the five maximums would lead to the achievement of 90 percent of the Sustainable Development Goals (SDGs) and Agenda 2063 of the African Union.
He said the bank’s climate finance had expanded from nine percent in 2015 to 36 percent in 2019, representing an increase of 400 percent.
“Now we are aiming to reach $ 25 billion in climate finance by 2021.
“Our non-sovereign operations for the private sector increased 40 percent from $ 1.5 billion in 2015 to $ 2.1 billion in 2019 with the highest level of $ 2.5 billion reached in 2016 ”.
He said that through the Africa Investment Forum in 2018 and 2019, the bank was able to attract combined investment interests worth $ 78.8 billion to Africa.
The AfDB president said the bank was committed to continuing its work for better results in the High 5.
“With the strong support of African Heads of State and Government, Bank Governors, Finance Ministers, Board of Directors and staff, we will be ready as of today once again to roll up our sleeves and continue our collective work. to offer even better results in our High 5. “(YAYA)