The African Development Bank (AfDB) Group’s support to Côte d’Ivoire rose from $460 million in 2015 to $3.1 billion in 2023.
The AfDB President, Dr Akinwumi Adesina, said in statement on Friday that the bank’s support to its home country increased by more than fivefold since 2015.
Adesina said this at a diplomatic luncheon he hosted for ambassadors in Abidjan.
“Last year, the Board of Directors approved 159 operations, worth $10 billion for countries, the second-highest level of financing in the bank’s history.
“You can see the result right here in Abidjan with the construction of the 4th bridge, which was financed by the AfDB.
“Indeed, our support to our host country, Cote d’Ivoire, has increased by more than five folds since 2015 when I was elected president.
“Rising from $460 million in 2015 to $3.1 billion in 2023,” he said.
Adesina said the impact of the bank’s High5s initiative was being felt across Africa.
“In the past seven years, the operations of the bank have impacted directly on the lives of 400 million people,” he said.
According to the AfDB president, the bank, within that period, provided financing of over 44 billion in support of infrastructure on the continent.
Adesina said this made the bank the largest multilateral financier of infrastructure in Africa.
He said:“I was delighted to be in The Gambia last month to see the impressive and historic Senegambia bridge.
“The bridge now links Gambia and Senegal, rapidly cutting travel times and expanding trade and the movement of people.”
“The bank will be supporting with $500 million, the development of the Lobito Corridor that will link Angola, Zambia, and the Democratic Republic of Congo.
“This will be done in close partnership with the United States Development Finance Corporation and the Africa Finance Corporation.”
According to Adesina, the bank, in partnership with Africa50, is supporting the construction of the road and rail project to link the Republic of Congo and the Democratic Republic of Congo.
He said the bank two months ago provided $696 million in partial credit guarantee to unlock $3.9 billion for the construction of the Central Corridor standard gauge railway.
He said the corridor would connect Tanzania, Burundi, and the Democratic Republic of Congo.
“Investing in these and other critical infrastructure is vital to promoting regional integration, connectivity, and intra-regional trade, especially with the African Continental Free Trade Area,” he said.
Adesina said the Russian war in Ukraine posed significant risks to food insecurity in Africa due to the continent’s high dependence on imports of wheat and maize from both countries.
He said the AfDB, however, moved swiftly, and its Board of Directors approved $1.5 billion for an Africa Emergency Food Production Facility.
The AfDB boss said the aim was to support 20 million farmers to produce 38 million metric tonnes of food, worth $12 billion.
He said the bank then moved beyond the emergency operation to assure long- term food security.
He said the AfDB collaborated with the Government of Senegal and the African Union to convene the Feed Africa Summit, held in Dakar in January 2023.
“The summit brought together 34 African Heads of State and Government, the President of Ireland, ministers and leaders from around the world.
“It mapped out very clear food and agriculture delivery compacts for African countries to achieve food security within five years.
“Thanks to the effectiveness of the global partnerships used by the African Development Bank, the summit was able to raise $72 billion towards the implementation of the outcomes.
“We have every reason to be confident that Africa can feed itself,” Adesina said.(NAN)
By Lucy Ogalue
