The President of Africa Development Bank (AfDB), Dr. Akinwumi Adesina, has restated the need for governments to prioritise the development of their human capital as a strategic option of boosting the performances of their economies and by implication, developing their countries on a sustainable basis.
Adesina was quoted in a news release distributed by African Press Organisation (APO) Group on behalf of the continental development finance institution as giving the charge to delegates at the launch of the inaugural conference of FinDev Canada, in Montreal, while making the Bank’s case for supporting women.
Specifically, the AfDB boss and Nigeria’s former Minister of Agriculture and Rural Development, pointed out that “no country can possibly move forward in the 21st century if it leaves half of its talent on the sidelines.”
In his keynote address at the forum, Adesina harped on the need to support women instinctively, adding that many of the delegates at the event come from places and have families in places where the labour of women is absolutely essential to holding communities together.
He lamented that despite this, so often women’s labour is not even fully recognized while too often, women are denied their fair share of wages for equal work.
According to him, the challenge is not peculiar to Africa or even in North America, pointing out that “in every society, this challenge represents a truly foolish squandering of resources.”
The AfDB’s President called for an end to the status quo on gender as women and youth are the backbone of countless small businesses.
He said: “All too often, women are denied their fair share of wages for equal work. The status quo must change. We know that investing in women can create a true multiplier effect in communities.
“Women reinvest up to 90% of their income on their families and in their communities. That money goes toward feeding and educating children, and paying for doctor’s visits”, Adesina added.
The development finance expert urged partners to work strategically, innovatively, and collaboratively to bridge the estimated $42 billion financing gap between men and women.
He lamented: “While societal limitations and belief systems often kill many a woman’s dream, it is often at the bank counter that dreams come crashing down. Without collateral and without access to land or other financial resources, the bank is the end of the road for many women entrepreneurs.”
FinDev Canada is a subsidiary of Export Development Canada (EDC), the country’s export credit agency. Launched six months ago, FinDev’s mandate is to support the growth and sustainability of businesses in developing markets.
Speaking on the event location and its desirability, Canada’s Minister of International Development, Hon. Marie-Claude Bibeau, said: “With its universities, international organizations and multicultural population, Montreal is the ideal home for FinDev Canada.
“From its Montreal base I am confident it will play a critical role in advancing our country’s international development agenda by offering a blend of public and private capital and building partnerships with businesses in developing countries, especially those operated by women and youth”, the minister added.
Adesina, who is on a working visit to strengthen bilateral ties with Canada, is expected in Toronto on Wednesday and Calgary on Thursday, for the third and final legs of his four-day working visit in Canada.
The AfDB’s President is leading a delegation along with David Stevenson, Executive Director at the Bank representing Canada, China, Republic of Korea, Turkey and Kuwait.
Other senior members of the delegation include Stella Kilonzo, Senior Director of the Africa Investment Forum; Vanessa Moungar, Director for Gender, Women and Civil Society; Timothy Turner, Group Chief Risk Officer, and Victor Oladokun, Director of Communication
