Adeshina stated that energy play a major role in the continent's development and presented the banks new agenda including the High 5s which aims to light up and power Africa, feed Africa, industrialize Africa, integrate Africa, and improve the living conditions of Africans.
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AfDB president highlights new agenda to transform Africa
Adesina also highlighted that despite the economic downturn, there are great economic prospects for the continent, with growth projected to increase to 4.4% in 2016 strengthening further to 5% in 2017.
The president of the African Development Bank (AfDB) Akinwumi Adesina of Nigeria speaks during his investiture ceremony in Abidjan September 1, 2015. REUTERS/Luc Gnago
He emphasized on the importance of energy in Africa and also pointed out that 645 million Africans lack access to electricity which has affected businesses and SMEs and has led to unemployment.
“We reached 90% of our African Development Fund (ADF) financing target for the year,” he said.
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“In 2015, overall loans and grants in the year for the entire Bank amounted to US$9billion, up from US$7.1billion in 2014, which is about a 26% increase. Over 50% of the institution’s 2015 approvals went to infrastructure, of which 30% went to transport and 15% to energy projects,” he added.
Adeshina urged those in attendance to work together in support of Africa, especially fragile and conflict-affected states, and to fight climate change.
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