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AfDB calls for support to its Africa development plans

Xinhua, May 23, 2016 Adjust font size:

The head of the African Development Bank (AfDB) has said the bank expects political support for it to implement its priority areas for Africa's development.

In remarks delivered on Monday during the start of the bank's annual meetings in the Zambian capital Lusaka, Akinwumi Adesina, said the bank was seeking support and partnership in implementing its five priority areas, which aims to advance Africa's development agenda over the next 10 years.

The bank, he said, expected support from governments as well as private sector engagement to spur economic development for the continent.

The AfDB has come up with five areas of focus for Africa's development, which cover electricity, food security, industrialization, etc.

While acknowledging challenges facing Africa, Adesina said that the continent had been "resilient" as outlined in its economic growth which has averaged 4 percent in recent years.

He said the bank was ready to push Africa's development forward but empathized the importance of partnership, adding turning Africa's economic resilience into bettering lives of people will require strong policy action.

Hundreds of participants have arrived in Lusaka to attend the AfDB meetings, which run for five days.

Zambian President Edgar Lungu is scheduled to officially open the meetings on Tuesday, with some other African leaders and former United Nations Secretary-General Kofi Annan expected to be in attendance.

During the meetings, the bank will also unveil its initiatives on energy, job creation for youth and agricultural development in Africa for 2016 to 2025.

The AfDB is a multilateral development finance institution established to contribute to the economic development and social progress of African countries.

Founded in 1964, it comprises three entities namely the African Development Bank, the African Development Fund and the Nigeria Trust Fund. It provides financial assistance to African governments and private companies investing on the continent. Endit