Africa: AfDB Investments in Africa Hit a Record Shs40 Trillion

Jun 15, 2017 | The Monitor; All Africa

The African Development Bank Group (AfDB) has invested more than US $10.80 billion (about Shs39.6 trillion) worth of projects and programmes in Africa during the year 2016 through the roll-out of its High-5 priorities and the new Development and Business Delivery Model.

According to the group's Annual Development Effectiveness Review 2017 released recently during an annual meeting in Ahmedabad - India, the projects have created 1.6 million jobs for Africans in 2016, particularly benefitting youths and women. Operations in 2016 rose to 305 up from 241 operations in 2015. The operations are core contributions to the implementation of the bank's High-5 priorities (Light up and power Africa, Feed Africa, Industrialise Africa, Integrate Africa, and Improve the quality of life for the people of Africa) and the bank's agenda to "transform Africa." "The mixed economic performance among African countries underscores the urgency for structural economic transformation on the continent to build resilience and drive sustainable, inclusive growth. Fulfilling its role and mandate, the Bank stepped up its support to regional member countries through higher levels of lending and more policy-relevant knowledge products and support," said AfDB President Akinwumi Adesina. The hank's High-5s serve as vehicles for the delivery of its Ten Year Strategy 2013-2022, which aims to foster inclusive growth and help the continent transition to green growth. Read more on All Africa. Source: All Africa