On the first day of the African Development Bank's 2020 Annual Meetings, President Akinwumi Adesina on Wednesday 26 August 2020, outlined the Bank's successes and challenges.
During a virtual dialogue with the Governors of the Bank's 81 member countries, Adesina highlighted the Bank's efforts to ensure that African countries were cushioned against the worst of the COVID-19 pandemic. In April, the Bank's Board of Directors approved a COVID-19 Response Facility of up to $10 billion.
"The key for us is looking at economic resilience, not just economic growth," he said.
Adesina also recalled the progress made since the historic $115 billion General Capital Increase, approved by the Bank's shareholders at the end of October last year.
His address was part of a three-hour dialogue, closed-door discussion around the General Capital Increase commitments and three key areas: maximizing operational impact, strengthening institutional capacity and securing long-term financial sustainability.
The dialogue was moderated by Zeinab Badawi, a Sudanese-British television and radio journalist, who is a regular presenter of BBC programmes such as Global Questions and Hard Talk. Former Bank Senior Vice President Charles Boamah, who retired in March this year, made a guest appearance to provide a sum up of the discussion.
For the first time in its history, the Bank's Annual Meetings are being held virtually to comply with COVID-19 social distancing guidelines.
One of the key items on the agenda will be the election of the Bank President. Adesina is standing unopposed for re-election after his first five-year term.
The Annual Meetings started on Tuesday and end on Thursday.
