The President of the African Development Bank to Tour Central Africa Region, First Stop - Republic of Congo

3 May 2019
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African Development Bank (Abidjan)

From 10 to 18 May 2019, the President of the African Development Bank, Akinwumi Adesina, will lead a delegation of senior officials to Central Africa, starting with the Republic of Congo, where he will pay his first official visit since taking up office in 2015.

The Bank's senior management team accompanying Adesina will include the Director-General for Central Africa, Ousmane Doré, and the Bank's Executive Director for Congo, Burundi, Cameroon, Central African Republic, Democratic Republic of Congo and Chad, René Obam Nlong.

Adesina will meet with the Congolese President Dénis Sassou-Nguesso and Prime Minister Clément Mouamba, along with other members of the government, in the capital city of Brazzaville. He also has meetings scheduled with policy makers, business representatives and development partners to detail the Bank's commitment to strengthening its partnership with the country and to discuss challenges.

The African Development Bank has a strong partnership with the Republic of Congo, one of its founding member countries in 1964. As of 31 December 2018, the Bank's active portfolio in Congo comprised six operations, exclusively in the public sector. The total commitment is estimated at approximately $US280 million, representing grants, loans to the public sector and institutional support. This portfolio is financed by the Bank's resources (7.6%) though mostly by the resources of the African Development Fund (92.4%).

"Cooperation between the Republic of Congo and the African Development Bank is dynamic. The Bank is one of Congo's leading strategic partners," said President Adesina, ahead of his official visit.

The Bank will support Congo's economic recovery through the High 5s.

Congo's agenda aims to improve its governance, quicken the pace of its economic diversification through agriculture, tourism and the private sector, and to reduce its dependence on oil, while increasing its resilience for sustained growth. The country plans to focus on building its human capital and promoting agribusiness value chains through developing the transformation of sectors likely to bring inclusive growth and employment.

Congo's policy to accelerate its economic development is robust. It is pursuing ambitious plans to provide its population with affordable and quality renewable energy accessible to all. The government also plans to contribute to sub-regional interconnection within the Central African Power Pool (CAPP) and to improve governance in the electricity sub-sector.

To boost these efforts, the Bank will continue working closely with the country to particularly support its agriculture, infrastructure, energy, transport and water and sanitation sectors.

Read the original article on African Development Bank (AfDB).

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