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AKinwunmi Adesina Emerges The African Development Bank (AFDB)’s President For Another Five-Year Term

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Emerges The African Development Bank ()’s President For Another Five-Year Term

A Nigerian, Akinwumi Adesina has been re-elected as the President of the African Development Bank (AfDB), for another five-year term.The re-election took place electronically during AfDBs’ 2020 Annual Meeting.

Mr. Adesina stressed the need for unity to enable the continent to pull together and stay focused on the goal of fighting the effect of the pandemic on Africa’s economy. He said:

 “pulling together has always been the strength of the African Development Bank.”

Furthermore, he said that Africa has lost a decade’s worth of economic growth due to the pandemic and that despite Africa’s recovery being long, the need for unity would be needed now more than ever in the AfDB. He added:

“Now we must help Africa to build back, boldly, but smartly, paying greater attention to quality growth: health, climate, and the environment.”

Also, he disclosed that the bank’ Board of Directors were able to launch support schemes to cushion the effects of the pandemic. “ He said:

“The Bank launched a $10 billion COVID-19 Response Facility to support African countries. We launched a $3 billion social bond on the global market – the largest US dollar-denominated social bond ever in world history.”

Adesina recalled that his current five-year term as head of the African Development Bank Group was marked by the implementation of five strategic priorities for the continent’s development, known as the “High 5s.”He said:

“Five years ago, right here in Abidjan, you elected me president of the African Development Bank. It was a huge responsibility to shoulder. I promised that I would work tirelessly to accelerate Africa’s development. My vision, focused on the High 5 priorities, was my commitment, my promise, my compass.”

Moreover, Adesina said the impact of his five years as President has enabled 18 million Africans have access to electricity, 141 million people have benefitted from improved agricultural technologies for food security. 15 million people have access to finance, 101 million people have access to improved transport and 60 million people have gained access to water and sanitation.

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News Credit: Nairametrics

Olayemi Olatunji

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