…The Bank will support the establishment of Youth Entrepreneurship Investment Banks
TUE, SEPT 01 2020-theG&BJournal- Dr. Akinwumi A. Adesina inauguration speech centred on Africa’s recovery after he was sworn today for a second term as the President of the African Development Bank Group (AfDB) following the overwhelming votes of regional and non-regional shareholders of the Bank last week in Abidjan, Cote de’Ivoire.
‘’As we look to the future, working with the Board of Directors, the Bank will pay increased attention to supporting Africa with quality health care infrastructure, and building on its comparative advantage in infrastructure,’’ Adesina said while reflecting on the COVID-19 pandemic which he noted has changed everything globally and has thrown Africa’s growth back.
‘’The continent has lost gains and economic growth that were achieved over the last decade. Now, we must help Africa build back boldly, but smartly, paying greater attention to quality growth: especially in the areas of health, climate and the environment.
As we look to the future, working with the Board of Directors, the Bank will pay increased attention to supporting Africa with quality health care infrastructure, and building on its comparative advantage in infrastructure.’’
He said the Bank’s infrastructure work will focus on economic infrastructure, quality physical infrastructure and quality health infrastructure.
‘’COVID-19 opens up new opportunities and a greater sense of urgency to build up Africa’s manufacturing capacity, industrial development, and critically needed industrial value chains, that must be supported by enabling infrastructure and policies.
Special attention will be given to regional industrial value chains and the strengthening of financial markets in order to expand intra-regional trade and competitiveness, and boost the Africa Continental Free Trade Area.’’
Adesina spoke of the challenges ahead which he says are still many, including poverty, inequality, fragility, high youth unemployment, significant infrastructure financing gaps, and sustainable debt management.
Still focused on the work ahead, he assured stakeholders and the Banks’ Board of Governors that the Bank will play a greater role in policy dialogues with countries.
‘’We will support sustainable debt management, boost green growth and accelerate the promotion of jobs for youth on the continent. More than ever before, we will expand partnerships – financial partnerships, knowledge partnerships, and investment partnerships. Stronger inclusive partnerships with civil society, academia and knowledge centers of excellence. We will reach out and tilt more global capital towards Africa — joining investment hands across the globe to support the needs of the continent.
He said the Bank will leverage its brand, its knowledge and resources to help do more and better for Africa.
‘’We will deepen the Africa Investment Forum and make it a critical driver for this bold investment partnership to help move Africa forward.’’
‘’ We will ensure that Africa’s youth potential is fully unleashed. In this regard, the Bank will support the establishment of Youth Entrepreneurship Investment Banks. Banks that will help to mobilize and deploy capital to drive the entrepreneurship of the youth of Africa — in ways that are systemic, scalable and sustainable.
The shadows of youth unemployment and migration out of Africa must give way to a glowing light of successful youth-driven businesses across Africa. Africa’s youth must stay in Africa, develop Africa, and project Africa’s future.
We will build on the great successes we have had in agriculture, by scaling up technologies to reach tens of millions of farmers and supporting Africa to build competitive agricultural value chains. We will add value to what we produce in Africa, and provide creative and high-tech opportunities for massive youth engagement in agriculture and agribusiness.
The future beckons the Bank to be more agile and more selective; to scale up what’s working already and reinforce its own institutional and human capacity.
Our Bank must ensure its own long-term financial sustainability to drive Africa’s growth further, deeper and faster in the years to come. We must realise the dreams of a more prosperous Africa. A healthier Africa. A more resilient Africa. And, a more developed Africa.”
Excerpts of the speech
When you first elected me five years ago, I had a vision. Five years later, I have yet a vision to build on our collective achievements over the next five years. A vision to build a much stronger and resilient African Development Bank Group with the leadership and capacity to deliver greater quality impacts for the people of Africa, while remaining financially strong and sustainable.
So, our focus will be on ‘Institution’, ‘People’, ‘Delivery, and ‘Sustainability.’ Each of these are encapsulated in the following five areas which combine with the programmatic High 5s to transform the development landscape of Africa.
Build a stronger institution
Strengthen human capacity
Enhance effectiveness
Deepen quality and impact
Maintain financial sustainability
Stronger institution
Strengthen institutional capacity, Improve Human Resources, Build a top-notch IT capacity to enhance effectiveness and productivity in an increasingly digital age, Strengthen accountability, oversight and compliance systems, Promote a stronger performance culture.
Strengthening human capacity
Preferred employer in Africa, Hire and retain top talent, Improve staff experiences and value propositions, Enhance career development and mobility.
Enhanced Effectiveness
Improving responsiveness to clients, Decentralized decision making, More efficient systems and processes, Cost effectiveness and value for money.
Accelerated Quality and Impacts
Quality operations, Enhance policy dialogues, knowledge, and debt management, Strengthen environmental and social safeguards, Accelerate development impacts
Financial Sustainability
Stabilize prudential ratios, Drive a culture of cost effectiveness, Balance development objectives and financial sustainability, Optimize the Bank’s balance sheet, Leverage global private capital to complement Bank resources, Ensure the Bank attains its own intrinsic stand-alone ‘AAA’ rating for long term sustainability.
With the strong support of the African Heads of State and Governments, Governors of the Bank, Ministers of Finance, the Board of Directors and staff, we will be ready from today, yet again, to roll up our sleeves and continue our collective work to deliver even greater results on our High5s to: Light up and Power Africa; Feed Africa; Industrialize Africa; Integrate Africa; and Improve the Quality of Life of the People of Africa.
The future beckons us for a more developed Africa and a much stronger and resilient African Development Bank.
In our time, Africa must shine like the brightness of the sun.
Together … united, we will achieve this.
So, today, yet again, let us move forward, driven by the power of our mission, inspired by the primacy of our vision and emboldened by the strength of our togetherness.
Together — we are stronger
Together — we achieve more
Together — we become resilient
Together — we build a better Bank
Together — we win for Africa!
twitter:@theGBJournal|email: info@govandbusinessjournal.com.ng|
