February 8, 2018

African Development Bank President briefs diplomatic on progress, perspectives for Africa’s development

African Development Bank President briefs diplomatic on progress, perspectives for Africa’s development

Akinwumi Adesina

Adesina calls for strong support to the Bank’s General Capital Increase

Abidjan, Côte d’Ivoire – The President of the African Development Bank Group, Akinwumi Adesina, hosted the annual luncheon of diplomats accredited to Côte d’Ivoire in Abidjan on Tuesday with an appeal on the Bank’s member countries to contribute to the 7th General Capital Increase to enable the institution to realise its development objectives.

Agric Minister, Akinwumi-Adesina

Welcoming the diplomats on behalf of the Board of Directors, management and staff of the Bank Group, Adesina shared perspectives on the performance of African economies, updated them on the institution’s activities and highlighted emergingeconomic issues for the Bank and the continent.

“The African Development Bank, your Bank, is reforming, innovating, leading and delivering more for Africa than ever before. With the strong support for a General Capital Increase by our Board of Directors, Governors of the Bank, and you, the Ambassadors representing our shareholder countries, Africa will indeed experience a much brighter and impactful future,” he said.

Adesina highlighted Africa’s performance noting that the continent remains resilient to global economic headwinds and climate shocks as related by the Bank’s 2018 Africa Economic Outlook published in Abidjan on January 17,2018.

Average GDP growth was 3.6% in 2017, up from 2.2% in 2016, he said.Eighteen African countries grew above 5% in 2017, and 37others above 3%. Average GDP growth is projected to accelerate to 4.1% in 2018 and 2019.

Johannesburg to host Africa Investment Forum in November 2018

To mobilize African and global pension funds, sovereign wealth funds and institutional investors, to invest in Africa, the Bank has launched the Africa Investment Forum (AIF) to be held November 7-9 in Johannesburg, South Africa. Thetransactional forum is expected to become Africa’s premier investment marketplace, Adesina said, noting that several peer institutions have indicated their interest in participating in what could become Africa’slargest private-sector investment accelerator.

In his response, the Dean of the Diplomatic Corps, Apostolic Nuncio to Côte d’Ivoire, Monsignor Joseph Spitieri, congratulated Adesina on his 58th birthday and commended the Bank for helping pull people out of poverty.

“The success of your strategy encapsulated in the High 5s is testimony to your commitment to help people in Africa and reduce poverty,” the cleric said.

“We wish the Bank success in its endeavours to improve the lot of the most deprived people in Africa,” he added.