Akinwumi Adesina Sworn in for Second Term

Akinwumi Adesina Sworn in for Second Term
….Says AfDB Attracted $78.8 billion worth of investment interests into Africa.

POLITICS DIGEST – Dr Akinwumi Adesina, the reelected President of African Development Bank(AfDB) has been sworn in for a second term of five years.

The swearing-in ceremony held on Tuesday was attended by Heads of States, Governors and other stakeholders who joined physically and virtually.

The former Nigerian Minister of Agriculture was reelected last week to serve a second five-year term, with a 100 per cent vote of all Governors, and regional and non-regional members of the bank.

His first term as President of Africa’s premier development finance institution, comprising 54 regional and 27 non-regional member countries, focused on five key development priorities tagged the High 5s. These include Light up and Power Africa; Feed Africa; Industrialize Africa; Integrate Africa; and Improve the Quality of Life for the People of Africa.

In his speech at the occasion Dr Adesina said over the past five years, the Bank has delivered impressive results on these High 5s, which include, 18 million people with access to electricity, 141 million people had access to improved agricultural technologies for food security, 15 million people with access to finance from private investments, 101 million people with access to improved transport from infrastructure, and 60 million people with access to water and sanitation.

According to him, the banks’ High 5 programmes have impacted 335 million people. That’s what the African Development Bank – your Bank – is all about … ‘people impact’.

He noted that the banks’ non-sovereign operations for the private sector increased 40% from $1.5 billion in 2015 to $ 2.1 billion in 2019, with the highest level of $ 2.5 billion achieved in 2016.

“We have been accountable for the climate since COP 21 in Paris. The Bank’s climate financing expanded from 9% when you elected me in 2015 to 36 % by 2019 – an increase of 400%. We’ve now targeted to reach $25 billion in climate finance by 2021”.

He recalled that through the innovative and groundbreaking Africa Investment Forum in 2018 and 2019, the AfDB was able to attract a combined $78.8 billion worth of investment interests into Africa, adding that in every country, the Bank’s impacts are felt, stressing that the bank expanded its presence to 44 countries, including across fragile states.

“And we are delivering more for women with the implementation of the Affirmative Finance Action for Women (AFAWA), to leverage $3 billion for women and women businesses”

“We have launched a Gender Equality Trust Fund, the first ever in the Bank, and are advancing on gender markers for all projects of the Bank. We must continue to strongly support women. When women win, Africa wins! “

He assured his listeners and stakeholders that winning for Africa’s development is what the bank was set up to do!

“You the shareholders supported the historic General Capital Increase of the Bank, raising the capital of the Bank from $93 billion to $208 billion. This represents an increase of $115 billion, the highest in the history of the Bank.”

“As shareholders, you strongly supported a 32% increase in resources for the African Development Fund (ADF) 15th replenishment, to support low income countries and fragile states. Today, the ADF countries receive 700% larger resources than they did in 2015”.

“We’ve delivering value for money for our shareholders. The Bank has the lowest cost among all multilateral development banks”.

He said that African Development Fund has also been rated as the 2nd best managed concessional financing institution globally, adding that over the past five years we have maintained our AAA rating by all three major rating agencies — thanks to your continued extraordinary support as shareholders.

He revealed that the Multilateral Organization Performance Assessment Network, otherwise known as MOPAN, ranked the African Development Bank as number one along with the World Bank.