WED, AUG 26 2020-theG&BJournal– The President of the African Development Bank Dr. Akinwumi A. Adesina said, at the opening of the Bank’s 2020 Annual Meeting, that Africa needs a strong and stable African Development Bank to support it through the pandemic and help its economies rebound for better, healthier lives and livelihoods for its people.
‘’With the pandemic, Africa has lost over a decade of gains of economic growth. Africa’s recovery will be long and difficult. Now we must help Africa to build back, boldly, but smartly, paying greater attention to quality growth: health, climate and the environment.’’
He also said, that the bank needs the support of the shareholders- as they always have been- united and strong.
Adesina offered himself to the Bank Governors for consideration for election for a second term, as President at the meeting today in Abidjan, Cote de’ Ivoire and reflected on the impacts made in the first five years of his tenure as President, for Africa’s progress .
‘’18 million people now 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,’’ he said.
The Republic of Ireland became the newest member of the Bank joining formally for the first time at the Annual Meetings.
Adesina reaffirmed the commitment of the Bank, and himself, to continue to work very closely with shareholders and the new Prime Minister of Cote de’ Ivoire, Mr. Hamed Bakayoko.
His speech at the opening day of annual meeting also covered the COVID-19 pandemic and the Bank’s response Facility to support African countries as well as the launch of a $3 billion social bond on the global market, the largest US dollar denominated social bond ever in world history. These actions according to him ‘’reflect our ambition, our unshaken commitment and unyielding responsibility to support, stabilize and strengthen African economies.’’
‘’As we stabilize nations, so also must we stabilize the Bank, our institution. The past several months no doubt have been challenging for the Bank. Yet, we pulled together. I would like to sincerely thank you all, our esteemed Governors, under the excellent leadership and wisdom of the Chairperson, Minister Niale Kaba, for joining hands to steady the Bank,’’ he said.
He brought the Bank’s strong governance systems to fore and shared his admiration of the shareholders who ‘’challenged and made us all better. ‘’
‘’Our experience has made us better and stronger. Our challenges, though difficult, have become our gain. But it’s not been easy… I will reach out… I will engage.’’
The meeting which is the 55th for the Bank and the 46th meetings of the Board of Governors of the African Development Fund (ADF) began in Abidjan, Côte d’Ivoire, today.
In his opening speech, the President of Côte d’Ivoire, Alassane Ouattara, highlighted the unusual context of this year’s Annual Meetings, taking place against the backdrop of the COVID-19 pandemic. He also underscored the Bank’s critical support for his country and other regional members.
President Ouattara wished Adesina good luck in his re-election bid.
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