The Minister of Finance, Mrs. Kemi Adeosun, has advocated the need for a strong and well capitalized African Development Bank (AfDB) that is capable of fulfilling its commitments to member-countries.
She expressed this view at the Regional Consultative Meeting between the AfDB President, Dr. Akinwumi Adesina and the Bank’s Governors and Ministers of Finance from West Africa and Central Africa held recently in Abidjan, Côte d’Ivoire.
Specifically, the minister maintained at the meeting, which was the first consultations of its kind since the creation of the Bank in 1963,.that a solid AfDB was required to assist the African countries to mobilise their internal resources.
A statement issued by the minister’s Special Adviser, Media and Communications, Oluyinka Akintunde, quoted her as saying that “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.”
In his remarks, the AfDB President told the Bank Governors that the annual meetings had hitherto been the only setting for group dialogue between the Governors and the Management of the Bank.
“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”, he said.
At the meeting, the Governors and the AfDB Senior Management agreed to accelerate the implementation of the Bank’s five strategic priorities which include: light up and power Africa, feed Africa, industrialise Africa, integrate Africa, and improve the quality of life for the people of Africa
They also called for an increase in capital mobilisation to allow the Bank to meet its mandates for Africa, in view of considerable reductions in official development assistance.
The AfDB Governors recalled that the sixth capital increase, ratified in 2010, made it possible for the Bank to take the volume of loans to unprecedented levels.
They added that aid to countries receiving African Development Fund financing had increased seventeen-fold
Meanwhile, the AfDB Treasurer and Acting Vice-President, Finance, Hassatou Diop N’Sele, has assured that the Bank was financially strong.
“We know that our continent needs substantial resources to meet its development goals. Without Africa, the sustainable development goals will not be achieved globally,” N’Sele said.