AfDB Eyes Further Boost for Africa’s Infrastructure After Investing $50+ Billion in 9 Years
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The African Development Bank (AfDB) has invested $50 billion in African infrastructure over the past nine years, according to President Akinwumi Adesina. At the bank’s annual meeting in Kenya, Adesina highlighted Africa’s resilience amid challenges like climate change, geopolitical tensions, and inflation, and shared that the AfDB’s efforts have supported economic growth, which is expected to accelerate to 3.7% this year and 4.3% in 2024. In 2023 alone, AfDB financed $10 billion across its five priority areas, impacting over 400 million lives. Adesina revealed that the International Monetary Fund approved multilateral banks like the AfDB lending against its Special Drawing Rights (SDRs) reserves. He stated that if the AfDB is given control of the $20 billion, it can leverage it to provide a further $80 billion in financial assistance to countries across the continent.
SOURCE: THIS DAY LIVE