19 April 2019

Africa: AfDB Commits U.S.$23.5 Billion to 4,391 Projects Since Inception

Abuja — The African Development Bank Group has disclosed that it has funded 4,391 projects since its inception. This includes 1,166 projects in West Africa with total commitments of $23.5 billion.

The bank said in 2018, its total approvals and disbursements stood at $8.90 billion and $6.02billion.

Valerie Dabady, the bank's manager for resource mobilisation and partnerships, said the institution's capacity to link public-sector needs with private sector expertise, technology and resources was unrivalled on the continent.

She dropped this hint during the bank's Business Opportunity Seminar (BOS) focused on strengthening and fostering the engagement of the business sector and of other stakeholders to effectively support investment in infrastructure and human development projects.

The interactive sessions focused on the bank's vision for Africa's economic development, operational priorities, business processes and procurement guidelines.

Bank officials at the two-day seminar which took place at the institution's Babacar N'diaye Auditorium,Abidjan , also facilitated dialogue sessions on ongoing projects and the bank's financial products business opportunities and programs available to public, private and social enterprises.

The bank's non-sovereign investments also continue to grow, Dabady remarked, with investments in private sector transactions growing from $250 million in 2005 to $2.29 billion in 2018.

She listed several prospective opportunities for private sector partners in the infrastructure space, including the $371.22 million Abidjan urban transport project to finance work on a fourth bridge in the Abidjan metropolis, the Dakar - Lagos Highway rehabilitation project, and Yeleen Rural Electrification Project in Burkina Faso.

Delivering the first presentation of the seminar, on the bank's strategies and policy parameters for partnerships and project financing, Hassanatu Mansaray, a senior policy specialist said, "In every investment we make, the bank's due diligence teams look at the economic viability and development impact of the project or program."

Participants at the seminar affirmed that the bank's ethical business model was responsible for the successful financing, execution and delivery of its infrastructure and human development projects.

Convened twice a year, the Abidjan Business Opportunity Seminar was attended by about 200 delegates from Algeria, Angola, Austria, Canada, Côte d'Ivoire, Egypt, France, Nigeria, South Africa, Spain, Sweden and Turkey.

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