AfDB Must Mobilise Resources For Africa’s Dev – Adeosun
BY EDMOND ODOK, ABUJA – The Minister of Finance, Mrs. Kemi Adeosun says only a strong and adequately capitalized African Development Bank (AfDB) can discharge its statutory mandate and commitments to member-nations.
Adeosun said a solid AfDB would be effectively positioned to aid African countries in mobilizing their internal resources for sustainable economic growth and development.
The Minister, who acknowledged Bank’s support for Nigeria over the years, said; “At the height of the crisis that shook our economy due to the fall in oil prices, the AfDB provided us with substantial budget support, while other partners were very reluctant.”
Addressing the Regional Consultative Meeting between the AfDB President, Mr Akinwumi Adesina and the Bank’s Governors and Ministers of Finance from West Africa and Central Africa in Abidjan, Côte d’Ivoire, recently, Mrs Adeosun said effective service delivery must be given priority attention by the continental finance body.
A statement by Oluyinka Akintunde, Special Adviser, Media and Communications to the Finance Minister quoted Mrs Adeosun as saying that AfDB must take deliberate step to remain strong and relevant as a thriving and vibrant financial player on the global level.
In his remarks, the AfDB President, Mr Adesina, who expressed happiness at the consultative gathering, told the Bank Governors that it has been quite challenging having the annual meetings as the only forum for group dialogue between the Governors and the bank’s Management.
According to him, “We intend for this type of consultation to be an annual event that provides another opportunity to listen to you, to seek your advice and discuss important developments and matters important to the work of the Bank and Africa’s development.”
The meeting had the Governors and AfDB Senior Management agreeing to accelerate the implementation of the Bank’s five strategic priorities that include: light up and power Africa; feed Africa; industrialise Africa; integrate Africa; and improve the quality of life for the African people.
They also seek an increase in capital mobilisation to enable the Bank meet its mandates for Africa, given the considerable reductions in official development assistance.
The AfDB Governors said the sixth capital consolidation, ratified in 2010, took its loans’ volume to unprecedented levels, noting that aid to countries receiving African Development Fund financing has also increased by 17-fold.
On his part, AfDB’s Treasurer and Acting Vice-President, Finance, Hassatou Diop N’Sele, maintained that the Bank remains financially strong, assuring that; “We know that our continent needs substantial resources to meet its development goals. Without Africa, the sustainable development goals will not be achieved globally.”
The meeting was the first consultations of its kind since the establishment of AfDB in 1963.
