Roundup: AfDB says action vital to accelerate Africa's development

The 2016 African Development Bank (AfDB) annual summits ended here on Friday with a call for action to accelerate Africa's development.

Akinwumi Adesina, the bank's president said the issues discussed during the meetings were paramount to drive development in Africa but that action to implement the issues raised was paramount.

"How many times did we hear this week that the rhetoric must become the reality, and that in our words must become our deed," he said in remarks delivered during the closing ceremony.

The bank, he said, was geared to drive the putting into action of various measures agreed upon during the meetings but added that concerted efforts from all stakeholders was required.

The 51st annual meetings were held in Lusaka, the Zambian capital from May 23 to May 27 under the theme "Energy and Climate Change" which analysts say were key to unlocking Africa's economic potential.

According to the bank chief, it was clear that energy deficiency was the crux of Africa's challenge and that energy sufficiency will be the motor to drive and to complete Africa's transformation.

During the meetings, the bank launched the "New Deal on Energy for Africa" aimed at achieving universal energy access across the continent following revelations that over 645 million Africans do not have access to electricity while 700 million have no access to clean cooking energy.

The initiative falls under the bank's five priority areas developed to accelerate development on the continent.

The five areas of focus for Africa's transformation include Lighting up and powering Africa, Integrate Africa, Feed Africa, Industrialize Africa and Improve the quality of life of the people.

The five priority areas, which have been termed "High-Fives" are in line with the bank's 10-year strategy and serve as a blueprint for African countries to embark on a course of sustainable transformation.

Among other outcomes of the meetings include the launch of a new strategy, New Jobs for Youth in Africa, a venture that will see the creation of 25 million jobs in 10 years, and provide the skills for another 50 million youth.

The bank also launched a new program, Affirmative Finance Action for Women in Africa, aimed at advancing the gender equity agenda by addressing the challenges that women face in an attempt to access finance.

Under the program, the bank will engage partners in mobilizing funding of up to 300 million U.S. dollars to finance women.

The full objective of the program is to run a 3-billion dollars fund that will be available through the bank's non-concessional window.

Other issues tackled included nutritional challenges, climate change, Information and Communication Technology (ICT) for a smart Africa, regional integration, water and sanitation, green growth, and South-South cooperation.

The meetings hosted bout 4,000 participants, including four current presidents, former presidents and other senior government leaders. Others included civil society groupings and the private sector as well as donor countries. Endit