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Monday, 05 December 2016

AfDB to disburse $6.6b in Africa this year – Adesina

The African Development Bank (AfDB) says it will disburse $6.6 billion through the African Development Fund (ADF) to African countries in 2016. Speaking at the Final Pledging Session for the ADF 14th Replenishment meeting in Luxemburg November 28, 2016, the President of the Bank, Dr. Akinwumi Adesina said four of the five High Five strategies of the Bank were developed and approved by the Board within a period of six months. Dr. Adesina indicated that while it normally takes up to two years sometimes to get one strategy of the Bank approved, the Board has been impressive and worked so hard, and they are tackling the challenge of low disbursements compared to approvals, which has been raised over the years. “Since I signed the Presidential Directive on this in November 2015, the lapse of time between approvals and declaration of effectiveness for first disbursement has declined by over 40 per cent. Projected disbursements this year are $6.6 billion (UA 4.4 billion) – the highest in the history of the Bank. You will hear more from my colleagues,” he said. The AfDB, has through the ADF been financing development in African countries since 1974. Dr. Adesina acknowledged that this particular replenishment is taking place at a time when many ADF countries have been hit by several shocks – the sharp decline in commodity prices, tighter financing conditions, and a severe drought in southern and eastern Africa, after an extended period of strong economic growth in most of these countries. “Growth,” he said, “fell in 2015 to its lowest level in some 15 years and is expected to slow further in 2016. However, we should not conclude that Africa is all gloom. The picture is in fact more positive; some of the fastest-growing economies in the world are in Africa. The growth performance differs significantly across countries, with most oil importers faring reasonably well,” he added.

Source: ghanabusinessnews

 

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